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.
A California federal judge on Wednesday tapped Block & Leviton LLP to lead a proposed securities class action accusing Lyft Inc. of overstating its business prospects and hiding problems with its bike-share fleet ahead of its $2.3 billion initial public offering last year. U. S. District Judge Haywood S. Gilliam Jr. granted a motion from individual Lyft investor Rick Keiner to be appointed lead plaintiff and Block & Leviton to be appointed as lead counsel after finding that Keiner had the largest financial interest in the securities litigation. Click here to read the full article (subscription may be needed).
Deutsche Bank’s $18.5 million deal with shareholders cleared the first hurdle in New York federal court to end class claims that the bank misled investors about the risks of preferred securities offerings in the run-up to the 2008 financial crisis. Click here to read the full article (subscription may be needed).
The federal government is belatedly paying more attention to the extraordinary growth of class actions that has made this country a magnet for litigation funders and created massive new risks for corporate Australia. Attorney General Christian Porter has asked a Commonwealth parliamentary committee to “examine the extraordinary profits being made by the booming litigation funding industry” given the huge returns often made by these businesses – most of which are international. The stated aim is to determine whether Australians are getting their fair share of class action settlements and whether further regulation of funders is needed “to improve justice outcomes”. Click here to read the full article (subscription may be needed).
In a recent decision which will be welcomed by defendants to funded group litigation, including financial institutions, the High Court has ordered security for costs against a commercial litigation funder in Rowe v Ingenious Media Holdings PLC  EWHC 235 (Ch). The decision follows the court’s approach to security applications against litigation funders in the RBS Rights Issue Litigation  EWHC 3161 (Ch) and is the first successful such application against a member of the Association of Litigation Funders. As in the RBS case, it was a significant factor in granting security that, if the claim failed, the claimants would each be liable for only a proportion of the defendant’s costs, in light of the court’s order providing for several rather than joint liability. It was also significant that the funder had provided no evidence as to its financial position, and therefore the court could not be confident that it would meet any order for costs made against it. Click here to read the full article.
Catering to the pleas of corporate interest groups, the SEC is moving quickly to impose new regulations on proxy advisor firms that will undermine a well-established, market-based system that has served investors, companies, and the U.S. equity market for decades. As state treasurers, we are responsible for safeguarding and investing billions of dollars on behalf of taxpayers, pensioners, college savers, and units of government. As we seek to provide the highest level of service, stewardship, and financial value to our beneficiaries, our offices routinely vote on proxy ballot items. These votes involve fundamental business decisions, including the election of board directors; executive compensation; and environmental, social, and governance risks and opportunities. Click here to read the full article.
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- A Primer on Shareholder Class Action
- A Primer on Antitrust Class Litigation
- A Primer on Global Group Litigation
- A Primer on Future Claims Recovery
- 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
- Jurisdiction Risk Profiles:
SETTLED CLAIMS I PASSIVE GROUP I ANTITRUST I FUTURE CLAIMS I OPT-IN MONITORING I OPT-OUT MONITORING
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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.