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.
Petrobras is asking a New York federal court to nix Cornell University’s bid for confidential information the Brazilian oil giant filed in a securities class action settled last year for $3 billion, arguing that the school shouldn’t be allowed to “piggyback” on the work of the class plaintiffs. Cornell had asked the court, which oversaw the securities class action against Petrobras stemming from a massive bribery scheme, for access to certain information the company filed under seal in the suit. Click here to read the full article (subscription may be needed).
Siding with the recommendation of the solicitor general, the U.S. Supreme Court declined to review the revival of an investor suit over plunges in the price of Toshiba shares that are sold in the U.S. The Japanese manufacturer had asked the high court to take a look at securities claims filed in the wake of an April 2015 announcement that it was conducting an internal investigation into its accounting practices, leading to stock price drops experienced both by holders of Toshiba Corp.’s common stock on the Tokyo Stock Exchange and U.S. shares of its foreign stock, known as American depositary receipts. Though the Supreme Court chose not to review the case, it did ask the solicitor general in January to provide the federal government’s view on the matter. Click here to read the full article (subscription may be needed).
Australia has had a class action system since 1992. In that time, over one hundred shareholder class actions have been commenced, but none have progressed to a judgment. This remarkable state of affairs could leave you wondering: Is corporate Australia too ready to run up the white flag and allow plaintiffs and their backers to win-by-forfeit? Are the costs and risks of running a shareholder class action to judgment too great? Are listed companies really making continuous disclosure errors or misleading statements that frequently? Whatever the cause, one thing is certain: this state of affairs has led to uncertainty. Click here to read the full article.
Former dairy processor Murray Goulburn has settled a class action brought against it by more than 1300 investors for $42 million, including legal fees and interest. But a second class action against the fallen milk giant remains underway and is listed for a trial commencing in February next year. The settled class action was led by Murray Goulburn investor Endeavour River, and included institutional and retail investors who bought units in Murray Goulburn between 29 May 2015 – which was shortly before MG units were first listed on the ASX – and 26 April 2016. Click here to read the full article.
Australia’s Full Federal Court has left open the possibility of approving a common fund order incorporating a contingency payment for plaintiff law firms in class actions. But will they really be ordered while the legislative ban on contingency fees in costs agreements remains? The Full Court also gave some further guidance on selecting from competing class actions before making it clear it has limited interest in allowing further appeals on competing class actions given the principles are now clear. The prospect of contingency fees as part of a common fund order may encourage more class action activity. The reduction in appeals (for competing class actions) should speed up dealing with multiple claims. Click here to read the full article.
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