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.
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.
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).
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).
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.
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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- Three Key Things to Know About Non-U.S. Jurisdictions
- FX Case Update (March 2019): Memo filed in support of motion for initial distribution
- Case Spotlight: FX Canada
- A look back at Antitrust Litigation in 2018
- Three Non-U.S. Passive Participation Opportunities to Keep on Your Radar
- EU Proposal May Move European Jurisdiction Risk Profiles Closer to the U.S.
- Securities Class Action Cases: Quarterly Disbursed Claims – Q4-2018
- Unique Data in Complex J.P. Morgan ADR Case Presents Filing Challenges
- FRT Insights – Quarterly Newsletter: January 2019
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