FRT’s Fast Five: Week ending May 24, 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. Citi, JPM Get Nod for $182.5M Euribor Settlement Payout

A Manhattan federal judge on Friday approved a $182.5 million settlement between JPMorgan Chase & Co., Citigroup and investors who accuse the two megabanks of rigging a key euro rate, signing off also on a roughly $36 million haul for plaintiffs’ firms that brought the antitrust class action. Click here to read the full article (subscription may be needed). 

2. Aussie Benchmark Fixing Suit Is Still Broken, Banks Say

A dozen major banks said Monday that the amended complaint filed by investors over the alleged rigging of an Australian benchmark interest rate fails to fix the jurisdictional issues that have plagued the antitrust case thus far. Credit Suisse AG, Deutsche Bank AG and several other international banking institutions were previously dismissed from the proposed class action after U.S. District Judge Lewis A. Click here to read the full article (subscription may be needed).

3. No-Win, No-Fee Prevails in AMP Class Action Face-Off

A NSW Supreme Court judge slammed the conduct of lawyers vying to run a class action against AMP as “unedifying” as she ruled on Thursday that only one claim can proceed. Justice Julie Ward said Maurice Blackburn Lawyers, which formed an alliance with Slater &Gordon, provided the best deal for those pursuing the bank over the “fees for no service scandal.” Click here to read the full article (subscription may be needed).

4. Securities Litigation Update – Spring 2019

A roundup of key securities litigation developments: Supreme Court Creates Uncertainty about the Reach of “Scheme” Liability under Rule 10b-5; Delaware Court of Chancery Holds Forum Selection Provisions Requiring Claims under the Securities Act of 1933 to Be Brought in Federal Court Are “Ineffective and Invalid”; Supreme Court Declines to Decide Standard of Liability for Alleged Tender Offer Misstatements and Omissions under Exchange Act § 14(e) and Whether There Is a Private Right of Action; A New Era of Extraterritorial SEC Enforcement Actions. Click here to read the full article.

5. As ASIC Shuts Blue Sky Inquiry, Class-Action Lawyers Remain Hungry

The corporate watchdog has dropped an investigation into bloodied fund manager Blue Sky, but class-action lawyers say the regulator’s step does not kill off any shareholder lawsuits. Brisbane-based Blue Sky Alternative Investments had been facing an inquiry by the Australian Securities and Investments Commission since last year. It followed the company losing more than $800 million in market capitalisation after short-sellers dumped suspicion on Blue Sky’s financial performance and valuations of fund assets such as a childcare chain. Click here to read the full article (subscription may be needed).

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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

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