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.
Citigroup Inc and Deutsche Bank AG may cross-examine four antitrust investigators involved in a criminal cartel prosecution against them, an Australian court ruled on Friday, a win for the defense in a closely watched legal battle. The two banks plus JP Morgan Chase & Co worked on an A$3 billion ($2 billion) stock issue for Australia and New Zealand Banking Group Ltd in 2015. Citi, Deutsche, ANZ and eight of their staff were charged last year with withholding crucial information from shareholders about the sale.JP Morgan was granted immunity from prosecution when two of its former executives agreed to co-operate with regulators. On Friday, a local court magistrate ruled that the defendants’ lawyers may cross-examine the ACCC staff on the subjects of how they obtained witness statements from the JP Morgan personnel and the staff’s level of cooperation with the corporate regulator, the Australian Securities and Investments Commission. Click here to read the full article.
A £1bn class action lawsuit against Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS over rigged FX trades has taken a significant step forward, with a judge agreeing to a timetable that will see the banks attend a series of hearings over the next 16 months. Following the lawsuit’s first court session on November 6 at the Competition Appeal Tribunal in London, the program of hearings that the banks are expected to attend has been confirmed. Click here to read the full article (subscription may be needed).
Danske Bank said it’s been preliminarily charged by the Danish State Prosecutor for Serious Economic and International Crime with misselling about 8.8 billion Danish kroner ($1.3 billion) of investment advisory services. A criminal complaint had been filed in August. Danske Bank said it found that customers who invested in a product during a certain period between 2017 and 2018 paid fees that were too high as a result of misguided management decisions. “We agree that this is a serious matter and that we have not lived up to what our customers should rightfully expect of us. We are compensating all affected customers, just as we are taking the steps necessary to ensure that something like this will not happen again,” said CEO Chris Vogelzang. Click here to read the full article.
Commonwealth Bank has confirmed it is facing seven separate class-action lawsuits as the Australian Institute of Company Directors calls for a tighter regulatory regime for companies funding actions brought on behalf of shareholders. On Friday, Liberal members of the House of Representatives standing committee on economics questioned the chief executives of CBA and Westpac about the impact of class actions, pointing to rising insurance premiums for directors. Westpac is also facing several class actions, including cases alleging breaches over its loan practices and superannuation products. The AICD is concerned that class actions are less about access to justice but rather about financial returns. CBA agreed to provide specific details on the cases to the committee after Liberal MP Jason Falinski raised concerns about foreign litigation funders making huge returns on actions in Australia. Click here to read the full article (subscription may be needed).
In March 2018, in Cyan v. Beaver County Employees Retirement Fund, 138 S. Ct. 1061 (2018), the Supreme Court held that the Securities Litigation Uniform Standards Act of 1998 (SLUSA) did not strip state courts of concurrent jurisdiction over class actions alleging violations of the Securities Act of 1933 (1933 Act) where such lawsuits do not also assert claims under the Securities Exchange Act of 1934 (over which federal courts have exclusive jurisdiction). In the wake of the Cyan decision, the number of 1933 Act claims brought in state court has increased dramatically, with the most significant increase occurring in New York. In the first year after the Cyan decision, 20 cases pursuing 1933 Act claims were brought in New York state court. Click here to read the full article (subscription may be needed).
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