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.
Danske Bank and its former leadership fired back at an investor suit on Tuesday, saying the European money-laundering scandal miring the Danish bank has little to do with securities and nothing to do with fraud. Across three motions to dismiss in New York federal court, Danske and four former members of its top brass criticized what the bank called a “blunderbuss” 310-page amended complaint from investors who are trying to cash in on highly publicized revelations about “regrettable lapses in anti-money laundering (or AML) procedures” at Danske’s Estonia branch. Click here to read the full article (subscription may be needed).
The former head of global trading at Deutsche Bank told a London jury on Wednesday it was “inappropriate” for traders at the bank to ask colleagues working on its cash desk to influence a key interest rate benchmark. Alan Cloete, former head of global finance and foreign exchange, was giving evidence as a Serious Fraud Office witness at the Southwark Crown Court trial of ex-Deutsche Bank AG managing director Andreas Hauschild, who is accused of conspiracy to defraud in relation to the rigging of the Euro Interbank Offered Rate. Also known as Euribor, the interbank rate is used to price trillions of dollars of financial products. Click here to read the full article (subscription may be needed).
In the Netherlands, as far as known, the following large securities litigations are ongoing: Steinhoff. On 13 December 2017, Steinhoff announced that its 2016 accounts would need to be restated. On 2 January 2018, Steinhoff confirmed that the 2015 and 2016 accounts of its predecessor entity, Steinhoff International Holdings Limited, would also need to be restated and that “the restatement of the financial statements of Steinhoff International Holdings Limited for years prior to 2015 is likely to be required”. Following the announcement, on the 5 December 2017 the share price of Steinhoff plummeted by more than 80%. Legal proceedings have been commenced in South Africa, Germany and the Netherlands. In the Netherlands, BarentsKrans, is one of a number of firms, that have commenced legal proceedings. Click here to read the full article.
Labour hire firm Ashley Services Group Limited announced that the Federal Court of Australia approved the Deed of Settlement for the previously announced shareholder class action commenced against it. The class action was brought by Richard John Findlay Bradgate as Trustee of the Bradgate Superannuation Fund in the NSW Registry of the Federal Court of Australia on 1 December 2016. Claims in the case arose from allegedly misleading statements and omissions in Ashley’s prospectuses issued prior to the company’s listing on the Australian Securities Exchange in August 2014. Click here to read the full article.
In 2018, nearly one in 10 S&P 500 companies were the target of a securities class-action suit, and the number of those suits has more than doubled in the last four years. In the face of that onslaught of litigation, it is critical that courts maintain the protections against frivolous private securities suits that Congress put in place in the Private Securities Litigation Reform Act (PSLRA). Among those protections is a codification in 15 U. S. C. § 78u-4(b)(4) of the “loss causation” requirement—that is, the requirement of proof that a defendant’s alleged misrepresentation “caused the loss for which the plaintiff seeks to recover damages.” Click here to read the full article.
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