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.
Allergan has agreed to a $130 million settlement over class claims it took part in a generic-drug price-fixing scheme, investors said in seeking a New Jersey federal court’s blessing for what they suggested is the first deal struck in a federal securities case related to such allegations. The proposed settlement comes amid the investors’ pending bid for class certification over claims that Allergan misled its shareholders about the company’s role in a conspiracy to fix prices of generic drugs sold in the U.S., including by increasing prices by as much as 7,000%, court documents state. Click here to read the full article (subscription may be required).
Shareholder lawsuits over the contamination of millions of Covid-19 vaccine doses mark the latest in a shifting landscape for corporate accountability as the private sector treads through challenges wrought by the pandemic. Emergent Biosolutions Inc. and its leadership face at least five lawsuits from disgruntled investors after shares plummeted following findings that the manufacturer’s staff mixed up ingredients for the Johnson & Johnson and AstraZeneca vaccines. The complaints allege Emergent leaders failed to disclose quality control issues while promising to get vaccines out the door—which artificially inflated stock prices. The cases spotlight a growing trend of shareholders pursuing litigation amid public crises and game-changing social movements. Click here to read the full article.
Company directors and lawyers have rejected a Morrison government proposal to ensure class action members receive at least 70 percent of any payout, saying they fear “the floor will become the ceiling”. The Australian Institute of Company directors warned of windfall profits on big claims while the Law Council of Australia said it would make other claims uneconomic for litigation funders. The Morrison government is also looking at whether the Federal Court should be given exclusive jurisdiction to hear shareholder and financial-product class actions. Click here to read the full article (subscription may be required).
The U.S. Supreme Court unexpectedly decided last week to take a look at a California state court case that affords the justices a chance to resolve some of the discord created by the high court’s 2018 decision to let certain securities suits proceed at the state level. The justices are examining an investor suit against Pivotal Software Inc., which saw a parallel action in federal court nixed last summer. But Pivotal has yet to get a dismissal ruling on claims filed against it in San Francisco Superior Court, and the company was denied a mandatory discovery stay in the interim. Click here to read the full article (subscription may be required).
A specialist London court will decide whether a long-awaited multi-billion pound class action against some of the world’s biggest banks over alleged foreign exchange rigging can proceed, after a five-day hearing kicked off on Monday. JPMorgan, Citigroup, Barclays, UBS and NatWest, along with Japan’s MUFG Bank, are braced for the first forex class action in Britain over cartels dubbed “Essex Express” and “Three Way Banana Split”. If the claim is allowed to proceed, it would mark the first US-style class action ever faced by these banks in the UK, following a similar US case against the lenders that resulted in settlements totaling $US2.3bn ($3.06 billion). Click here to read the full article.
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