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.
After a brief fairness hearing on Tuesday, a New York federal judge granted final approval for a $240 million investor settlement over allegations that Signet Jewelers Ltd. made false assurances about maintaining a harassment-free workplace. Following sparse preamble from counsel for the investors and the parent company of Jared and Kay Jewelers, U.S. District Judge Colleen McMahon said it would “probably come as no surprise” to the parties that she would be signing off on the deal, which garnered no objectors and is among the 75 largest securities class action settlements in history. Click here to read the full article (subscription may be needed).
A New York judge on Monday allowed Brazilian mining company Vale SA to seek information on the whereabouts of $500 million it invested in a doomed Guinean mining project to be used in U. K. litigation accusing Israeli billionaire Beny Steinmetz of fraudulently inducing it to enter into the venture. U. S. Magistrate Judge Ona T. Wang granted Vale’s petition seeking permission to subpoena a number of real estate investors that may have received part of its $500 million payment after entities affiliated with Steinmetz purchased certain “valuable and iconic” buildings in Manhattan. Click here to read the full article (subscription may be needed).
Securities class action lawyers have added a new litigation front for Bayer AG to fight in America, filing a complaint accusing the German chemicals giant of misleading investors when it said lawsuits over Roundup herbicide were baseless. Bayer, which received bad news on Tuesday when a California appeals court upheld a jury ruling on liability, still says the scientific evidence shows Roundup’s active ingredient glyphosate is safe – a position echoed by the U.S. Environmental Protection Agency and nearly every other national regulatory agency. But lawyers at Bernstein Litowitz Berger & Grossman, in a lawsuit filed July 15, say the non-scientist jurors who have awarded billions of dollars in damages against Bayer following its purchase of Roundup-maker Monsanto revealed the truth about the widely used product. Click here to read the full article.
Although the COVID-19 pandemic is still unfolding, class actions related to the coronavirus have already arrived and are on the rise. Despite unprecedented court closures and changing procedural rules, COVID-19 class actions have steadily increased and are expected to expand across industries, jurisdictions, and areas of law. The impact of COVID-19 on business operations, consumer activity, and economic forecasts has made clear that the filings to date are only an early indication of what is to come. The following is a categorized summary of coronavirus-related class action litigation filed to date, highlighting the core allegations of each complaint. The authors also note where no recently filed actions have been identified, but they anticipate significant litigation. Click here to read the full article.
Westpac says it has failed to fix an “immature and reactive” culture of dealing with risks, such as its money-laundering and child exploitation scandal, despite pledging to do so almost two years ago. The damning findings are contained in a new review of Westpac’s corporate culture, commissioned by the bank on the request of the prudential regulator in December after anti-money-laundering authorities launched legal action against it for alleged breaches including failing to properly monitor customers who were behaving in a way consistent with paying for child exploitation in Asia. Click here to read the full article.
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