FRT’s Fast Five: Week Ending November 22, 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.  Goldman Sachs to Pay $20 Million in Bond-Rigging Settlement

Goldman Sachs Group Inc. agreed to pay $20 million to settle an investor lawsuit accusing traders at the bank, along with 15 other financial institutions, of rigging prices for bonds issued by Fannie Mae and Freddie Mac. As part of the settlement, disclosed Friday in a court filing, Goldman Sachs will cooperate with investors in their case against the other banks. The firm also agreed to make changes to its antitrust-compliance policies related to bond trading. A federal judge in Manhattan must approve the settlement before it can take effect. Click here to read the full article.

2. The Lloyds/HBOS Litigation: the First Shareholder Class Action Judgment in England & Wales

The first judgment in a shareholder class action in England & Wales has been handed down by the High Court in Sharp v Blank [2019] EWHC 3078 (Ch) (also known as The Lloyds/HBOS litigation). In rejecting the claim brought by a group of shareholders against Lloyds relating to its acquisition of HBOS in 2008, the decision of the High Court provides clarity on some of the most important battlegrounds which arise in shareholder class actions as well as guidance for listed companies and their directors on various key aspects of capital markets and M&A transactions. This significant decision will have ramifications for listed companies, and their advisers, in the UK. Click here to read the full article.

3. Australia’s Westpac Slapped With 23 Million Money Laundering Breaches

Regulators accused Australia’s Westpac Banking Corp of 23 million breaches of anti-money laundering laws, saying the banking giant ignored red flags and for years enabled payments from convicted child sex offenders and “high risk” countries. The oversight failure at Australia’s second-largest bank led to deep systemic non-compliance with anti-money laundering laws, financial crime watchdog AUSTRAC said in a civil court filing on Wednesday. The regulator is pursuing fines of up to A$21 million ($14 million) for every transaction Westpac failed to monitor adequately or report on time in the country’s biggest ever money-laundering scandal. In theory, that could add up to whopping A$483 trillion in fines. Click here to read the full article.

4. Danske Gold Report Has Danish Lawmakers Calling for Broader Probe

Investigations into money laundering at Danske Bank A/S should be expanded to include the lender’s possible use of gold as a way to help clients in Estonia hide their fortunes, according to Danish lawmakers. “Danske Bank has some explaining to do,” Torsten Schack Pedersen, a Liberal Party member on the parliament committee that oversees financial legislation, said by phone. Business Minister Simon Kollerup said investigators now “need to get to the bottom of this case.” The comments follow revelations that Danske Bank, at the height of its dirty-money scandal, started offering gold bars to wealthy clients to help them keep their fortunes hidden. Click here to read the full article (subscription may be needed).

5. Scandal-Hit Steinhoff Sells Unit of Australasian Subsidiary

Steinhoff International said on Monday its Australasian subsidiary Greenlit Brands sold its general merchandise division to Allegro Funds, as the South African retailer grapples with the fallout of an accounting scandal worth about $7 billion. Steinhoff had said in August its only way to survive was to slim down and sell its assets. “The sale of Greenlit Brands General Merchandise division is a further step in Steinhoff’s program of planned divestments,” Louis du Preez, Steinhoff Group CEO said. 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 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.

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