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. Nine banks win dismissal of Canadian rate-rigging lawsuit in U.S.

A federal judge in Manhattan on Thursday dismissed a lawsuit by investors that accused nine large banks, including six from Canada, of conspiring to manipulate a Canadian rate benchmark to improve profits from derivatives trading. Click here to read the full article.

2. Danske Bank investors seek $475 million in damages over money laundering scandal

Two U. S. law firms have filed a lawsuit against Danske Bank on behalf of institutional investors over a 200 billion euro ($227 billion) money laundering scandal. Grant & Eisenhofer P. A. and DRRT filed the lawsuit in Copenhagen on behalf of investors from 19 countries, asserting “fraud claims stemming from a massive Russian money-laundering scheme and multi-year cover-up by Denmark’s largest bank and its senior leadership.” Click here to read the full article.

3. Steinhoff to Dig Deeper Into $7.4 Billion of Dodgy Deals

Steinhoff International Holdings NV plans to dig deeper into the accounting misdeeds that brought the retailing giant to its knees as it seeks to get to the bottom of some $7.4 billion in fictitious or improper deals. Click here to read the full article.

4. The Post-Cyan­ Spike In State Securities Act Filings

One year ago, the U.S. Supreme Court held that the Securities Litigation Uniform Standards Act of 1998 neither ended concurrent jurisdiction over class actions alleging only Securities Act claims, nor authorized removing those actions to federal court. The unanimous opinion in Cyan Inc. v. Beaver County Employees Retirement Fund affirmed a Ninth Circuit decision and resolved a circuit split over SLUSA’s effect. Among the (unsuccessful) arguments favoring reversal was a prediction that plaintiffs would inundate state courts with Securities Act class actions if concurrent jurisdiction continued. The court gave it short shrift. But time might bear out the argument. Click here to read the full article (subscription may be needed).

5. IOOF faces class action over APRA fallout

Embattled wealth company IOOF is facing a shareholder class action over its alleged failure to inform shareholders about its fallout with the regulator over the alleged breach of superannuation laws. The shareholder class action, led by former Maurice Blackburn partner Damian Scattini, now with Quinn Emanuel, and backed by US-based litigation funder Regency Group, is expected to be filed within weeks. Click here to read the full article (subscription may be needed).

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

• Blogs
  • FX Case Update (March 2019): Memo filed in support of motion for initial distribution
  • Case Spotlight: FX Canada
  • A look back at Antitrust Litigation in 2018
  • Three Non-U.S. Passive Participation Opportunities to Keep on Your Radar
  • EU Proposal May Move European Jurisdiction Risk Profiles Closer to the U.S.
  • Securities Class Action Cases: Quarterly Disbursed Claims – Q4-2018
  • Unique Data in Complex J.P. Morgan ADR Case Presents Filing Challenges
  • FRT Insights – Quarterly Newsletter: January 2019
• Whitepapers:
  • A Primer on Shareholder Class Action
  • A Primer on Global Group Litigation
  • Illustrating The Outer Time Limits By Which Filing Decisions Must Be Made
  • Calculating Inflationary Losses for Comparison to Loss Thresholds
  • Global Landscape Continues to Evolve in the Wake of Morrison Decision

About FRT

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