Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in settled (U.S./Canada) claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.
The National Credit Union Administration can’t be excluded from the investor class bringing antitrust actions against several big banks over alleged Libor rigging because it failed to opt out before the deadline, a New York federal judge ruled Wednesday. U.S. District Judge Naomi Reice Buchwald sided with the banks Wednesday, finding that NCUA had ample opportunity to make itself aware of the settlements and declare its desire to be excluded from them and the class before final settlement judgments were rendered. Click here to read the full article (subscription may be needed).
A New York federal judge has rejected a bid by investors seeking to restore Royal Bank of Scotland PLC and Societe Generale to the list of foreign exchange dealers tied to a proposed class action accusing the banks of participating in a scheme to rig foreign exchange markets. U.S. District Judge Lorna G. Schofield said in her three-page order Monday that requests for reconsideration are often denied, and that the investors provided no new evidence to bolster their claims or point to supporting materials the court may have overlooked. Furthermore, the judge said, there’s no evidence that the two banks targeted New York in the alleged conspiracy. Click here to read the full article (subscription may be needed).
Andreas Hauschild was acquitted of conspiracy to defraud at Southwark Crown Court over the rigging of the Euro Interbank Offered Rate (EURIBOR). The former Managing Director at Deutsche Bank was found not guilty of manipulating EURIBOR at the height of the financial crisis. The acquittal follows the conviction and sentencing of four senior ex-bankers. Former Principal Trader at Deutsche Bank Christian Bittar, former Barclays Director Phillipe Moryoussef, former Director of Portfolio Liquidity Management at Barclays Colin Bermingham, and Carlo Palombo, former Vice President of Euro Rates and Euro Swaps at Barclays, conspired to submit false or misleading EURIBOR estimates that would benefit their trading positions and change the eventual average rate. Two other traders were acquitted. Click here to read the full article.
Danske Bank undertook an internal probe into a whistleblower who exposed the Danish lender’s €200bn money-laundering scandal in an attempt to “discredit” him and “blackmail him into silence”, his lawyer has claimed. The US lawyer for Howard Wilkinson — a Danske executive who first sounded the alarm over vast sums of money being funnelled out of Russia and former Soviet states through the Danish bank’s tiny Estonian branch — wrote to Danish prosecutors on Wednesday calling on them to launch a criminal investigation into the matter. Click here to read the full article (subscription may be needed).
As the litigation funding industry continues to flourish, consumer litigation finance is the subject of increasing legislative and regulatory action at the state and federal level. And some commercial litigation funders worry they could be swept up in the backlash. Groups such as the U.S. Chamber Institute for Legal Reform, a business lobbying group, the Lawsuit Reform Alliance of New York, and members of the insurance industry including the National Association of Mutual Insurance Companies (NAMIC) have the lawsuit lending industry in the crosshairs. They argue that lawsuit investment could distort the civil justice system, spur more lawsuits and encourage claimants to press for unreasonable settlements. NAMIC declined a request for comment for this story. Opponents of third-party litigation finance want the industry outlawed or, at a minimum, strictly regulated with consumer disclosures, disclosures of funding arrangements in civil litigation and interest rate caps to guard against predatory rates and terms. Litigation funding trade groups want state regulations that don’t define cash advances as loans, and don’t set interest-rate caps. Click here to read the full article (subscription may be needed).
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