Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in U.S. claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.
America’s securities class action system sits in “a broken state” and urgently needs to be fixed, according to new research from the U.S. Chamber’s Institute for Legal Reform. The Institute held a press briefing Tuesday and released two research reports to substantiate its claims that plaintiffs and their lawyers are abusing the legal system. Click here to read the full article (subscription may be needed).
Because of the trend away from disclosure-only settlements, plaintiffs’ attorneys seem to have embraced data-breach suits as the next frontier in shareholder class actions. Such cases are brought by investors against a company following a data breach, and generally feature a few types of allegations. Investors might allege that the company was aware that its security systems were faulty, so its public disclosures regarding those security systems were incorrect or misleading. Or investors might allege that the company’s officers and directors breached their fiduciary duty to ensure that the company had adequate and functional systems. Click here to read the full article (subscription may be needed).
Embattled retail giant Steinhoff International said on Thursday that it has received a petition by a group of shareholders for inquiry proceedings before the Enterprise Chamber of the Amsterdam Court of Appeal. Click here to read the full article.
On 19 September 2018 the Rotterdam District Court assumed jurisdiction over the international securities class action lawsuit against Petrobras Brasileiro SA and others in the Netherlands. The judgment offers valuable insight into how the Dutch courts assess jurisdiction in cross-border collective redress cases. It also illustrates that the Netherlands could act as a collective redress venue in matters relating to events that mainly take place in foreign jurisdictions. Click here to read the full article.
The U.S. Supreme Court is currently considering a wide range of issues in securities cases that are likely to impact investors’ ability to recover for losses caused by corporate wrongdoing. Specifically, the cases currently being considered by the Supreme Court involve: who can be held liable for participating in a scheme to defraud investors; the showing required to prove loss causation; investors’ ability to assert claims when American Depositary Receipts are purchased in the United States; the ability to assert claims arising out of materially misleading tender offer statements without alleging scienter; and whether defendants are required to update a statement of historical fact that was accurate when made, but subsequently becomes inaccurate due to additional information or circumstances. Click here to read the full article.
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