FRT’s Fast Five: Week ending March 8, 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 U.S. claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. Bank of America, RBS Sued in U.S. Over Euro Bond Cartel

Bank of America Corp and Royal Bank of Scotland Group Plc have been sued by investors in the United States over their alleged roles in a conspiracy among eight banks to rig prices in the $9.4 trillion European government bond market. The proposed class-action complaint accusing the banks of violating federal antitrust law was filed on Monday night in U. S. District Court in New Haven, Connecticut. It followed a Jan. 31 announcement by the European Union’s antitrust authority accusing the eight banks of being part of a cartel to distort bond prices from 2007 to 2012. The case is Electrical Workers Pension Fund Local 103 I. B. E. W. et al v Bank of America NA et al, U. S. District Court, District of Connecticut, No. 19-00314. Click here to read the full article.

2. These Are the Banks Caught Up in the Russia Money-Laundering Scandal

Several European banks have been drawn into money-laundering allegations centered on dirty Russian money. Much of the information about their possible involvement was made available to media outfits by The Organized Crime and Corruption Reporting Project (OCCRP). Investigations into the scandal are under way in the Baltic nations, the U.S., the U.K. and the Nordic countries. Below is a list of the main banks touched by the scandal. Click here to read the full article.

3. Petrobras Securities Settlement Objectors Avoid Sanctions

Attorneys representing the class in a $3 billion securities fraud settlement with Brazil’s state-run oil company Petrobras failed at their second attempt for sanctions against a group of objectors. The court denied their first sanctions request in September. The subsequent conduct they complain of has been solely before the U.S. Court of Appeals for the Second Circuit, Judge Jed S. Rakoff wrote for the U.S. District Court for the Southern District of New York. Click here to read the full article (subscription may be needed).

4. Australia: Do I Have to Pay for All of These Shareholder Class Actions?

Multiple shareholder class actions against the one defendant company about the same conduct are becoming more common. Depending on the circumstances, a court may allow only one of the shareholder class actions to continue; alternatively, it may allow two or more to continue. If two or more continue, will the defendant company be required to pay the costs of all of them if it is unsuccessful? At the time of our previous article, this was uncertain, but because of a recent decision of the Federal Court, we now have a little more clarity. That decisions is McKay Super Solutions Pty Ltd (Trustee) v Bellamy’s Australia Ltd (No 2) [2019] FCA 215 (McKay). Click here to read the full article.

5. WorleyParsons Class Action Prepares for Trial by End of the Year

A class action lawsuit against WorleyParsons alleging continuous disclosure breaches in 2013 has been delayed due to the unavailability of a judge but is expected to go to trial by the end of the year. A trial was due to start this week but has been postponed after the judge who was due to hear the trial became unavailable. The parties will return to court next week to try and agree on a new trial date, which is expected by December. ACA Lawyers, which was acquired by Shine in October, filed a $50 million class action in the Federal Court against the engineering group in 2015. ACA’s case, which names investor Larry Crowley as the plaintiff, alleges WorleyParsons engaged in “misleading or deceptive conduct” in 2013 because it did not provide a reasonable explanation for why its three main reasons for a November profit downgrade were “unexpected or unforseen developments.” Click here to read the full article.

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