FRT’s Fast Five: Week Ending June 25, 2020

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. Shareholders Seek Class Cert. In Teva Price-Fixing Suit

Shareholders accusing Teva Pharmaceutical Industries Ltd. of operating a price-fixing scheme and lying about profit growth have asked a Connecticut federal judge to certify their proposed class, arguing that they easily meet all of the federal requirements. Led by the Ontario Teachers’ Pension Plan Board, the investors told the court Friday that in addition to presenting common questions of law and fact on behalf of thousands of potential class members, the pension fund and its lead counsel at Bleichmar Fonti & Auld LLP have thus far “vigorously pursued” the litigation. Click here to read the full article (subscription may be required).

2. Deutsche, US Unit Face Suit Over Tokyo Traders’ Spoofing

Deutsche Bank AG and its U. S.-based securities brokerage unit got hit with a proposed class action Monday over a market spoofing scheme allegedly conducted by two traders in 2013, which contributed to regulatory penalties the companies agreed to pay last week. Illinois-based trading firm Rock Capital Markets LLC alleged that two of Deutsche Bank Securities Inc.’s Tokyo-based traders manipulated U. S. Treasury Futures and Eurodollar Futures contracts on U. S.-based exchanges by placing unlawfully deceptive buy and sell orders in the market to fake the impression of supply and demand for their financial gain. Click here to read the full article (subscription may be required).

3. Contingency fees put Victoria at top of the class

Leading class action lawyers have declared Victoria the best place in Australia to bring a claim now that lawyers can charge contingency fees and chase a much bigger share of payouts. They believe legislation that went through the Upper House last week could be so attractive to potential litigants that the Victoria Supreme Court might overtake the Federal Court and NSW as the forum of choice. Click here to read the full article (subscription may be required).

4. EU “class actions”: political agreement finally reached

Just over two years ago, the European Commission proposed its final draft proposals for its New Deal for Consumers, including for the introduction of a new type of “representative action, the European way” – in other words, a US-style class action mechanism that avoided what the Commission considered to be the excesses of US litigation. Political agreement on the proposals was finally reached after many months of wrangling between the European institutions and the Member States and some aggressive lobbying from all sides of the debate. Although the final text is not yet available, the press release indicates that the agreed proposal seems a lot more reasonable than the Commission’s original proposal. Click here to read the full article.

5. Wirecard scandal leaves German regulators under fire

German regulators are coming under fire for failing to investigate what increasingly appears to be one of the country’s worst-ever accounting scandals. Wirecard shares have crashed more than 80 per cent in recent days as the company acknowledged the potential scale of a multi-year fraud. There is no single reason for the failings of Germany’s regulatory apparatus, according to academics and the handful of politicians who over the past year became alarmed at the gravity of the problems emerging at Munich-based Wirecard. They instead point to a corporate culture historically wary of foreign speculators, a refusal to doubt what appeared a rare German tech champion and, more specifically, the inability of Germany’s regulatory system to deal with a payments company. Click here to read the full article (subscription may be required).

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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 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.