FRT’s Fast Five: Week ending July 26, 2019

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.

1. Lendlease in Crosshairs of Second Class Action

Construction heavyweight Lendlease will be hit with a second class action over claims it failed to keep investors fully informed about troubles in its engineering division. Law firm Phi Finney McDonald is preparing a shareholder class action against Lendlease. Click here to read the full article (subscription may be needed).

2. Brazil to Extend Probe Into Vale Dam Disaster Into Early 2020: Official

Brazil’s mining secretary said on Friday he expects the sector’s main regulator to extend its investigation until January 2020 into the causes of the Vale SA mining dam collapse that killed at least 240 people. Secretary Alexandre Vidigal de Oliveira of the Mines and Energy Ministry had ordered the National Mining Agency (ANM) to investigate the disaster in February, a process that ordinarily would have expired in August. The ANM probe is looking into violations of mining and other administrative rules, while police are separately investigating criminal wrongdoing. Click here to read the full article.

3. Post-Cyan Update – New York State Decisions Shed Light on Approach to Securities Act Claims

The U.S. Supreme Court in its 2018 landmark decision in Cyan, Inc. v. Beaver County Employees Retirement Fund unanimously held that state courts have concurrent subject matter jurisdiction over class actions that exclusively allege claims under the Securities Act of 1933 (“Securities Act”). Predictably, plaintiffs have responded by bringing more Securities Act claims in state courts around the country, and practitioners have been closely following the impacts of this shift to see what precedents, if any, would be disrupted as state court procedure intermixes with substantive federal securities law principles. Now, two recent decisions from the New York Supreme Court provide several important insights into how New York and perhaps other state courts will approach Securities Act claims brought in state forums. Click here to read the full article.

4. Does Dodd-Frank Override Morrison V. NAB? Law Profs Tell SCOTUS No

In June, a long-simmering – but mostly theoretical – debate over the implications of a securities-law provision of the Dodd-Frank financial reform act came to the U.S. Supreme Court. On Monday, five prominent securities law professors urged the justices to take up the case. Click here to read the full article.

5. Litigation Funding and AML Obligations

Between the increased regulatory scrutiny over anti-money laundering efforts and the growth in the use of third-party litigation funding, CDR takes a look at where the compliance obligation lies when law firms source finance for cases. Readers need search no further than recent news events for evidence of the proliferation in the use of third-party litigation funding in commercial cases globally; equally as prominent is the appetite of regulators, including heightened efforts by the Financial Conduct Authority, to clamp down on anti-money laundering (AML) compliance failings by companies. With whom, then, does the onus fall to ensure that capital used to fund litigation and arbitrations has gone through the appropriate AML checks – the provider of that capital or the recipient? Click here to read the full article.

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Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

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Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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