FRT’s Fast Five: Week ending May 17, 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. ADR Case Will Test Reach of Investors on Overseas Firms

Institutional investors in the U.S. may have lost their ability to sue foreign stock issuers in U.S. courts after a pivotal 2010 Supreme Court decision, but they are finding some success with American depository receipts, and a case now up for Supreme Court review could potentially expand their legal recovery options well beyond ADRs. Click here to read the full article

2. EU Fines Five Banks €1.1bn Over Foreign Exchange Cartel

Brussels has fined Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07bn for participating in cartels to manipulate the foreign exchange market for 11 currencies. Citigroup was hit with the biggest fine of €311m, followed by RBS with €249m, JPMorgan at €229m, Barclays at €210m and Japan’s MUFG with about €70m. The EU is the last major regulatory authority to conclude its investigation into collusion among traders to manipulate major currency benchmarks and exchange rates — allegations that first surfaced in 2013. Click here to read the full article (subscription may be needed).

3. 2nd Circ.’s Logical Take on ‘Event-Driven’ Securities Claims

A major recent trend in securities litigation is so-called “event-driven” litigation. Today’s cases increasingly revolve around negative operational incidents, or even a single incident, such as a cyber breach or public safety disaster. At least temporary stock price declines often follow these very public events, but there is no particular reason why they should signal securities fraud. Click here to read the full article (subscription may be needed).

4. Federal Securities Litigation and Regulation: a Periodic Review and Predictions for the Remainder of 2019

While the past year, or even eighteen months, was short on landmark federal securities law decisions, there was significant activity on the part of private securities litigants. This increase was driven in part by the emergence of securities cases relating to mergers and acquisitions. As few as 13 such cases were filed per year in the early 2010s, but 198 were filed in 2017 and 182 in 2018.3 So far in 2019, there have been 134 securities class actions filed, signaling that the trend is continuing. Click here to read the full article.

5. Bill To Regulate ‘Lawsuit Lending’ Companies in NY Gains Momentum

The State Senate Consumer Protection Committee on Tuesday approved the Consumer Litigation Funding Act, which seeks to establish the state’s first regulations for companies that finance lawsuits. The legislation would require those companies to register with the state in order to operate in New York and establish protections for consumers who seek their business. Among those protections are certain contract requirements, like language that’s easily understandable to consumers, and a right to cancel the agreement at no cost within 10 days of its execution. Click here to read the full article.

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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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