FRT’s Fast Five: Week ending March 22, 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. 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).

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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 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.

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