FRT Insights

RESOURCES

FRT’s Fast Five: Week Ending March 26, 2021

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.

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

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.

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.

Search Tags

Subscribe to FRT's Monthly Newsletter

Get a monthly update with the latest industry developments related to U.S. Settled, non-U.S. opt-in, global passive and antitrust actions and recovery opportunities

 

Our Authors

avatar for Andrew LaskyAndrew Lasky

Product Marketing Manager

avatar for Jenn RothenbergJenn Rothenberg

VP of Marketing

avatar for Mike LangeMike Lange

SVP, Worldwide Litigation

avatar for Rob AdlerRob Adler

Chief Executive Officer

avatar for Sean CooksonSean Cookson

Vice President and Managing Director - APAC

Latest News