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. Benefytt, Investors’ $11 Million Settlement Gets Final Court OK

Benefytt Technologies Inc. and its investors can put behind them a suit alleging the company made misleading statements about deceptive sales practices after a federal judge in Florida granted final approval to their $11 million settlement. Investors accused Benefytt, formerly known as Health Insurance Innovations Inc., of misleading them about deceptive sales of health plans that didn’t comply with the Affordable Care Act. The settlement class includes those who purchased the health insurance technology company’s common stock from Sept. 25, 2017, through April 11, 2019, the U.S. District Court for the Middle District of Florida said. Click here to read the full article.

2. Defending Against Covid-19 Related Securities Class Actions

Plaintiffs filing securities class actions alleging fraud related to Covid-19 will have a hard time demonstrating that company statements were knowingly false or misleading when they were made, Williams & Connolly LLP attorneys say. They look at recent cases for guidance on how companies can defend themselves. Click here to read the full article.

3. Vast Brazil Lawsuit in UK Against BHP Over 2015 Dam Failure Hits Buffers

A 200,000-strong Brazilian claimant group said on Wednesday it had failed to resurrect a 5.0 billion pound ($6.9 billion) English lawsuit against Anglo-Australian mining giant BHP over a devastating 2015 dam failure. The Court of Appeal agreed with a lower court that the vast group action was an abuse of process, that claimants were already able to seek redress in Brazil and that the case would be “irredeemably unmanageable” if allowed to proceed. Tom Goodhead, the PGMBM lawyer representing the claimants, said it was “a sad day for the English justice system” after senior judges agreed that the claim, relating to Brazil’s worst environmental disaster, should be struck out. The landmark case was the latest battle to establish whether multinationals can be held liable for the conduct of subsidiaries abroad. Click here to read the full article.

4. CBA, ANZ Settle BBSW Class Action Launched in US

Commonwealth Bank and ANZ Bank have settled a US class action and paid out a settlement without admitting any liability, in a case relating to hedge funds trading products connected to the bank bill swap rate, which ASIC alleged the major Australian banks manipulated between 2010 and 2012. The class action, filed in the US District Court in New York in August 2016 in the wake of an Australian Securities and Investments Commission claim, also involved National Australia Bank, Westpac, Macquarie, two brokers and various other global banks – all members of a panel that set the bank bill swap rate (BBSW), a benchmark interest rate used to price trillions of dollars of assets. Click here to read the full article.

5. New Zealand: Changes to Class Actions and Litigation Funding: Good News for Insurers?

Class actions (which under our current rules, are representative actions) are now firmly part of the New Zealand legal landscape. They are also of significant interest to insurers, both in terms of their own potential exposure (e.g. Ross v Southern Response) and perhaps more importantly, from a liability insurance perspective (e.g. D&O and product liability claims). MinterEllisonRuddWatts predicts that 2021 will see the courts continuing to focus on managing class actions cautiously while the Law Commission presses ahead with its recommendations for a statutory class action regime, having come to a preliminary view that New Zealand should develop one, and for the potential regulation of litigation funders, which are viewed as necessary for the majority of class actions. Click here to read the full article.

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