FRT’s Fast Five: Week Ending June 5, 2020

FRT Marketing
June 5, 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. U.S. Judge Orders 15 Banks to Face Big Investors’ Currency Rigging Lawsuit

A U. S. judge on Thursday said institutional investors, including BlackRock and Allianz SE’s Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U. S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. Click here to read the full article.

2. Class Warfare: the Fight Over Corporate Australia’s Most Reviled Legal Tactic Has Begun

The directors of IOOF would have breathed a sigh of relief on Monday when one of the shareholder class action lawsuits thrown at the firm following the banking royal commission was dropped. IOOF would pay no money to the plaintiff, its lawyers or the litigation funder backing the case. It was a fitting development in a week when the Morrison government effectively declared war on the class action and litigation funding industry. IOOF was hit with damaging findings in the royal commission– from allegations of front running and compliance issues in 2015 to regulators seeking disqualification of directors over mishandling super members’ money. But in this particular instance, it was facing litigation based on a regulatory case that was itself thrown out, nominally on behalf of shareholders but led by a Los Angeles headquartered law firm and funded by offshore funder Regency. Click here to read the full article.

3. Majority of Australians Believe Class Action Lawsuits a Good Thing, Essential Poll Finds

Almost three-quarters of Australians believe class action lawsuits are a good thing, either because they provide compensation for people ripped off by corporate misconduct or because they keep companies honest, polling shows. The polling, conducted for class action law firm Maurice Blackburn by Essential last week, also reveals that despite heavy campaigning by the business lobby and sections of the media, a similar proportion of Australians believe laws governing whether class actions can be launched should either be loosened or are about right. The treasurer, Josh Frydenberg, has launched two salvos against class actions in the past fortnight by announcing litigation funders are to require a licence and using emergency coronavirus powers to water down rules governing what companies have to tell the stock market. Click here to read the full article.

4. Early Securities Litigation Trends Stemming From Recent IPOs

This analysis of offerings during late 2019 and early 2020, immediately prior to and during the COVID-19-induced market volatility, and the Securities Act complaints filed against some of those issuers amid the market unrest provide preliminary insights into whether, when and on what basis recent issuers — and their underwriters and auditors — are facing Securities Act litigation. Click here to read the full article.

5. Norway’s Divestment in Vale Prompts Entreaty by Brazil

The Secretary of Geology and Mining within Brazil’s Ministry of Mines and Energy, Alexandre Vidigal de Oliveira, met with Nils Gunneng, the Norwegian ambassador in Brazil, on May 26, said a notice published on the Brazilian ministry’s website. The reason for the meeting was the withdrawal of more than $350 million in Brazilian mining company investments by the 10.2 trillion ($1 trillion) sovereign wealth fund and to discuss “investments and partnerships between the two governments in the areas of geology, mining and mineral transformation,” a translation of the notice said. Norges Bank Investment Management, which runs the assets of the sovereign wealth fund, announced the exclusion of Brazilian mining company Vale SA in May “due to an unacceptable risk that the company is contributing to or is itself responsible for serious environmental damage,” said a notice on the manager’s website. Click here to read the full article.

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About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

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 www.frtservices.com.

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.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a 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 www.frtservices.com.

 

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.