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. Boeing Shareholders Reach Settlement in 737 MAX Board Oversight Suit

Current and former Boeing Co. directors have reached an approximately $225 million agreement to settle a shareholder lawsuit that claimed the plane maker’s board failed to properly oversee safety matters related to the 737 MAX, according to people familiar with the matter. As part of the proposed settlement, Boeing has agreed to hire an ombudsman to handle internal issues and appoint a board member with experience in aviation safety, some of these people said. The settlement isn’t expected to include an admission of wrongdoing on the part of the directors. Click here to read the full article (subscription may be required).

2. CoreCivic’s $56 Million Investor Deal Wins Final Court Approval

CoreCivic Inc. and investors who say it misled them about the quality of its private prison facilities secured final authorization for their $56 million settlement from a federal judge in Tennessee. The cash deal “far exceeds the median recovery in securities class action settlements in 2020,” according to an investor memo filed in support of the final approval bid. The private detention and corrections services provider didn’t admit wrongdoing in settling, the U.S. District Court for the Middle District of Tennessee said. Judge Aleta A. Trauger certified the investor class in 2019. Click here to read the full article (subscription may be required).

3. Australia: Shareholder Gets Early Victory in Climate Change Case Against CBA

The Federal Court has ordered the Commonwealth Bank to hand over to a shareholder documents detailing its decision to finance oil and gas projects despite their potential to breach the Paris Agreement, in the first stage of a novel legal claim that experts predict could spark a “new avenue” for climate litigation. CBA shareholder Guy Abrahams is suing the bank for access to documents it used to consider whether the loans comply with its environmental and social framework. Legal experts have said the case could give rise to a new wave of strategic climate change cases, as it is the first time a shareholder has used their right to inspect a company’s books in regard to environmental concerns. Click here to read the full article (subscription may be required).

4. Australia: Protecting or Creating a Stumbling Block for Future Class Members: Proposed Reforms to Litigation Funding Payouts

Increased regulation of class action litigation funding is one step closer, with the introduction of the Corporations Amendment (Improving Outcomes for Litigation Funding Participants) Bill 2021 into Parliament on 27 October 2021. If passed, the Bill will fundamentally change the Australian litigation funding environment. Indeed, the tabled bill contains changes from the exposure draft which mean that its consequences will be more acute for participants in the class action industry. Some of the consequences are, in fact, stated aims of the Bill. The Bill’s focus is “improving outcomes for litigation funding participants” (per the Bill’s title), by increasing regulatory oversight of litigation funders and class action promoters. Click here to read the full article.

5. Artificial Intelligence Trading Bots – Can They Impede an Investor’s Ability to Recover for Securities Claims?

In the past few years, artificially-intelligent “trading bots” have entered the market and begun executing securities transactions for investors. Although much has been written about the function, performance, and future of such bots, very little has been said about their implications for recoveries in securities class actions in the US and non-US group actions. As FRT monitors these cases, we see how the use of such bots has the potential to complicate recovery efforts in certain jurisdictions. Click here to read the full article.

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SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I  OPT-OUT MONITORING

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.

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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.