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 U.S. Supreme Court on Thursday agreed to hear an appeal by President Donald Trump’s administration seeking to avoid a lawsuit by shareholders of mortgage finance firms Fannie Mae and Freddie Mac relating to the government rescue of the companies following the 2008 housing crisis. The court also took up a related appeal brought by the shareholders that challenges the constitutional structure of the agency. Click here to read the full article.
Porsche Automobil Holding SE investors’ 1.1 billion-euro ($1.3 billion) lawsuit combining their claims related to the diesel scandal at Volkswagen AG must be heard by a Stuttgart tribunal, Germany’s top court ruled. The Federal Court of Justice in Karlsruhe on Wednesday overturned a ruling by judges in Stuttgart, who last year said they couldn’t hear the case before the resolution of a related suit against VW in Braunschweig. The Stuttgart court must now proceed with the investor suit, which claims that Porsche informed markets too late about the impacts of the diesel scandal. Click here to read the full article (subscription may be needed).
London-based insurer RSA has said its management team had no knowledge of the accounting irregularities at its Ireland outpost as it fought back against a suit brought by major investors seeking compensation for falls in the company’s share price. Lawyers for RSA said that neither former group chief executive Simon Lee, managing director Paul Donaldson or chief accountant Chris Rash knew that the Irish unit was under-reserving for claims and therefore could not have “dishonestly delayed the publication of any information,” that would have shed light on the scandal before 2013. The group of 65 shareholders, which include asset manager Allianz Global Investors GmbH, have brought a High Court suit against RSA Insurance Group over allegedly misleading announcements made to the market from 2009. The claimants say they cannot specify the exact amount of profit that was misstated by RSA Ireland and are awaiting disclosures from the group. Click here to read the full article (subscription may be needed).
The German financial watchdog BaFin said on Tuesday that it had filed a complaint with Munich prosecutors over a further episode of alleged insider trading in Wirecard. BaFin said the transaction took place on June 24, the day before Wirecard filed for insolvency. It said it involved a 6.6 million euro ($7.52 million) sale in shares by MB Beteiligungsgesellschaft mbH. That is the investment vehicle of the former chief executive Markus Braun, once one of the collapsed payment company’s largest shareholders. A law firm representing Braun didn’t immediately respond to requests for comment. A further sale of 3.4 million euros in shares by the same investment company is also under investigation, a spokeswoman for BaFin said. Click here to read the full article.
Rebecca Oates, who took part in a vaginal mesh implant class action, says the case was not about money, but bringing about change. She says she is disturbed by the attack on class actions and the litigation funders who bankroll them mounted by business lobbyists, including the US Chamber of Commerce, which has hired lawyer Stuart Clark, a former president of the Law Council, to advise it in Australia. While law firm Shine Lawyers took the risk of running the mesh class action without a backer, most class actions rely on a funder to put up the cash to run the case in return for a slice of any winnings. “If these US lobbyists are coming and trying to put an end to that, I think it’ll just be detrimental for everything in the future,” Oates says. “It sort of just gives big businesses and corporations a way out, of being able to do what they like without any repercussions. Click here to read the full article.
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