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.
A group of investors in Vale SA has filed a claim against the mining company with a Brazilian arbitration panel, seeking compensation linked to the deadly dam burst in Brumadinho early this year, newspaper Valor Economico reported on Wednesday. The investors argued that Vale did not disclose information about risks facing the dam in the state of Minas Gerais to the market, according to the claim filed at an arbitration panel in the Market Arbitration Chamber of the stock exchange B3 SA, the paper said. Click here to read the full article.
Australian residential aged care provider Estia Health has been served with a shareholder class action proceeding by law firm Phi Finney McDonald over alleged breaches of market disclosure obligations in 2015 and 2016. The class action alleged Estia failed to disclose serious difficulties the business was experiencing in the lead up to the publication of its 2016 financial year results. The class action was filed in the Federal Court on Monday and served to Estia by Wednesday morning. Click here to read the full article (subscription may be needed).
The Parliament of Western Australia has introduced new legislation to modernise the State’s class action regime (which is seen to be outdated, uncertain and silent on many important procedural aspects of representative proceedings). The proposed regime is substantially modelled on Part IVA of the Federal Court of Australia Act 1976 (Cth). If passed, it brings Western Australia more or less in line with the class action procedures that apply federally and on the east coast of Australia. Western Australian class actions that attract Federal jurisdiction are likely to still be instituted in the Federal Court. However, the modernised procedure provided by these new reforms will almost certainly see an increased uptake of representative proceedings for State-based causes of action, such as contract and tort. As the Western Australian economy is characterised by its resources (iron ore, gold, liquefied natural gas), agriculture and services sectors, corporations operating in those areas may be exposed to greater class action risk. Click here to read the full article.
Even though the Foreign Corrupt Practices Act (FCPA) does not contain a private right of action, plaintiffs’ attorneys have fashioned an FCPA-based claim of sorts in the form of a follow-on shareholder claim alleging either mismanagement or misrepresentation with respect to the alleged bribery or corrupt activity. A July 10, 2019 memo by attorneys from the DLA Piper law firm takes a look at securities class action lawsuits filed based on FCPA allegations. As the authors note, the underlying FCPA allegations “do not necessarily make for a successful securities class action,” as most FCPA-related securities fraud claims “are dismissed.” As discussed below, a July 12, 2019 dismissal ruling in the FCPA-related Cemex securities class action illustrates both the kind of securities claims that can arise in the wake of FCPA-related allegations and also the hurdles that these kinds of claims face. Click here to read the full article.
The New Jersey Supreme Court recently adopted an Appellate Division decision rejecting an expansion of the right of shareholders not bringing a derivative suit to inspect corporate documents beyond “books and records of account, minutes, and record of shareholders.” Click here to read the full article (subscription may be needed).
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