FRT’s Fast Five: Week ending June 27, 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. Petrobras Says Don’t Give Cornell Sealed Docs for Arbitration

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).

2. High Court Won’t Consider Investors’ Toshiba ADR Dispute

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).

3. Are We There Yet? the Wait for Australia’s First Judgment in a Shareholder Class Action May Soon Be Over

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.

4. Murray Goulburn Settles Class Action for $42 Million

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.

5. Class Action Update: Has the Door Opened to Contingency Fees in Class Actions, and the Last Word on Competing Class Actions?

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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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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