FRT’s Fast Five: Week ending July 5, 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. Former Sirtex CEO pleads guilty to insider trading

The former CEO and director of biotech company Sirtex Medical, Gilman Edwin Wong, has pleaded guilty to one charge of insider trading. Wong was committed to the Sydney District Court for sentencing on a date to be fixed. The charge of insider trading relates to Wong’s sale of 74,698 shares on 26 October 2016 while in possession of inside information. The development comes amidst a shareholder class action, funded by IMF Bentham and conducted by Maurice Blackburn Lawyers, against Sirtex and Wong’s alleged conduct. The class action commenced in the Federal Court in Melbourne on 27 May 2019. The shareholder class action alleges contraventions of the ASIC Act, Corporations Act and the Australian Consumer Law in seeking to establish that the company engaged in misleading or deceptive conduct and/or breached its continuous disclosure obligations. Click here to read the full article.

2. Australian Class Actions Rise Sharply, Litigation Funding Drives Increase

The number of class action lawsuits filed in Australia has been rising sharply—driven both by a major government inquiry into the financial sector and by increased activity by litigation funders. Click here to read the full article (subscription may be needed).

3. Brazilian Bank to Pay $14.5M to End Investor Suit Over Bribes

Investors in Brazilian bank Banco Bradesco SA asked a New York federal court on Monday to give the initial green light to a $14.5 million cash settlement to end a stock-drop suit against the bank for allegedly artificially inflating its securities prices by hiding a tax bribery scheme. Click here to read the full article (subscription may be needed).

4. Class Action Reform Bill Introduced to WA Parliament

On 26 June 2019, the Civil Procedure (Representative Proceedings) Bill 2019 (WA) was introduced into the Western Australian Parliament marking an important step forward for representative proceedings reform in Western Australia. If passed, the Civil Procedure (Representative Proceedings) Act 2019 will provide a legislative representative proceedings regime in the Supreme Court of Western Australia that is substantially modelled on Part IVA of the Federal Court of Australia Act 1976 (Cth). Click here to read the full article.

5. Hedge Fund Liquidations Exceed Launches for Third Straight Quarter

Hedge fund liquidations outpaced launches for the third consecutive quarter, new data released Friday by Hedge Fund Research showed. HFR said 213 managers called it quits in the quarter ended March 31, compared to 215 in the fourth quarter of 2018 and 174 in the third quarter of 2018. By contrast, hedge fund launches totaled 136 in the quarter ended March 31, 111 in fourth quarter of 2018 and 144 in the third quarter. The fourth quarter 2018 and first quarter 2019 hedge fund launches were the lowest since the fourth quarter of 2008. Click here to read the full article.

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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

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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