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. FSA Reports Danske Bank to Police Over Market Abuse

Denmark’s financial watchdog has filed a criminal complaint against Danske Bank, the country’s biggest lender, over violations of market abuse regulations, the bank said in a statement on Wednesday. The Financial Supervisory Authority (FSA) said that Danske had misinformed the financial market by facilitating so-called “wash trades”, in which the same person sells and buys securities, between August 12, 2016 and February 22, 2019. Such trades could misleadingly prop up or devalue the price of securities, it added. “The FSA therefore finds that Danske Bank has violated the prohibition on market manipulation and has reported Danske Bank for this.” Click here to read the full article.

2. 4 Firms Vie for Lead Counsel in Zoom Shareholder Litigation

Pomerantz LLP, The Rosen Law Firm PA, Robbins Geller Rudman & Dowd LLP and Faruqi & Faruqi LLP are competing to lead consolidated litigation brought by investors alleging video conferencing provider Zoom misled shareholders about the degree of its data privacy and security measures, according to motions filed in California federal court. The investors initially alleged in two separate suits that they were harmed when the company’s “inadequate data privacy and security measures” came to light and companies started backing off using the service. As a result, the company’s stock price plummeted, they said. U.S. District Judge James Donato consolidated the cases last month. Click here to read the full article (subscription may be required).

3. Australian Company Directors Call for a Ban on Class Actions

One third of listed company directors want a total ban on class actions, while nearly half are demanding a rethink of director liability settings, a survey has found. More than 50 per cent of listed company directors expect they will reduce staff levels over the next six months as the economy emerges from the height of the COVID-19 crisis, a study by the Australian Institute of Company Directors (AICD) showed. In late May, Treasurer Josh Frydenberg brought litigation funders under the Corporations Act for six months in an attempt to slow the booming class action industry. The government also gave a six-month reprieve to directors from continuous disclosure rules in another move designed to insulate companies from class action law suits. But the survey suggests the government has not gone far enough. Click here to read the full article (subscription may be required).

4. Current Developments in Class Actions in Australia

With the Joint Committee inquiry and the proposed new Regulations, it is fair to say, the continued role of litigation funders in class actions in Australia is squarely under scrutiny (and the litigation funders are (perhaps understandably) not happy). There have already been three inquiries into litigation funding in the last 6 years – none of which resulted in any substantive change to the way that litigation funding operates in class actions in Australia. The recent past-inquiries include the Australian Law Reform Commission (ALRC) report into “Integrity, Fairness and Efficiency – An Inquiry into Class Action Proceedings and Third-Party Litigation Funders” which the A-G tabled in Parliament only last year. But there are some differences this time. Click here to read the full article.

5. Potential Investment Litigation and Arbitration Trends Arising Out of the Coronavirus Financial Crisis: the Effect of Some Recent Legal Holdings

COVID-19-related securities claims and outcomes brought under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) will be shaped by recent court rulings. This Bulletin touches upon the “maker” vs. “disseminator” distinction that was the subject of last year’s Supreme Court opinion in Lorenzo v. SEC; it discusses a company’s duty to update public information addressed in the Ninth Circuit case of Hagan v. Khoja; and it examines the “loss causation” requirement that has proven to be one of the most challenging hurdles plaintiffs must clear when pursuing losses experienced during a global financial crisis. Click here to read the full article.

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• Blogs
  • 5 Ways Loss Estimation Comes Into Play in Non-U.S. Securities Litigation
  • Case Spotlight: FX Europe
  • Case Spotlight: Barclays Plc
  • Euroyen Case Update (April 2020): 2nd Circuit Reverses Court Decision to Dismiss Previous Suit
  • Lessons Learned from the First Settlement of the GSE Bonds Antitrust Case ($49.5M)
  • Debunking Five Myths about Australian Securities Class Actions
  • Three Reasons Why Wealth and Retail Investment Firms Should Care about Class Action Recovery
  • Case Spotlight: BRF S.A.
  • Daimler Case Update January 2020
  • Case Spotlight: First Solar Inc. Reaches $350m Settlement Agreement
  • Case Update: Vocus Group reaches $35m (AUD) settlement
  • GSE Bond Case Update (December 2019): More Banks Settle Bringing Total Recovery to $386.5M
  • Case Update: Bellamy’s Australia Ltd. reaches $49.7m (AUD) settlement
  • Investors note: Australia now second in class action stakes
  • Case Update (November 2019): Woolworths Limited reaches Passive Registration Deadline Prior to December Mediation
• Whitepapers:
  • A Primer on Shareholder Class Action
  • A Primer on Antitrust Class Litigation
  • A Primer on Global Group Litigation
  • A Primer on Future Claims Recovery
  • Illustrating The Outer Time Limits By Which Filing Decisions Must Be Made
  • Calculating Inflationary Losses for Comparison to Loss Thresholds
  • Global Landscape Continues to Evolve in the Wake of Morrison Decision
• Jurisdiction Risk Profiles:
  • Australia
  • Denmark
  • United Kingdom
  • Taiwan
  • Greece
  • Germany
  • Brazil
  • Japan

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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 do 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.