FRT’s Fast Five: Week Ending November 29, 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. Snap Investors Win Cert. In IPO Class Action

Shareholders in Snapchat parent Snap Inc. won certification in California federal court Wednesday in their class action over the company’s alleged cover-up of problematic growth metrics ahead of its initial public offering. Despite also simultaneously granting two bids by intervenors who opposed class certification, U.S. District Judge Stephen V. Wilson was “not persuaded” by the intervenors’ or defendants’ arguments and ultimately granted the investors’ certification bid. Click here to read the full article (subscription may be needed).

2. 2 European Banks Reach $2.7M Deal In Forex Rigging Suit

Standard Chartered Bank and Societe Generale agreed to resolve foreign exchange market rigging claims for a combined $2.7 million, according to a bid for preliminary approval filed in New York federal court by investors Friday. The financial institutions are just two of several big banks around the world accused of participating in the alleged scheme and some of the first defendants to reach a settlement in the case, following deals with Citigroup and MUFG Bank Ltd. worth nearly $11 million in total given the green light by the court in July. Click here to read the full article (subscription may be needed).

3. ASIC to investigate Westpac’s $2.5b capital raising

Westpac and investment banks will be investigated by the securities regulator over whether they adequately informed investors of alleged money-laundering violations before selling more than $2 billion of shares. Westpac’s shareholders, including those who bought into the capital raising, have suffered a $6 billion wipe-out of the bank’s sharemarket value since the anti-money laundering and terrorism financing regulator officially launched a lawsuit against the bank last Wednesday. The investigation by the Australian Securities and Investments Commission will extend to Westpac’s continuous disclosure obligations under the Corporations Act for its capital raising undertaken two weeks before AUSTRAC publicly announced its pursuit of the bank. Click here to read the full article (subscription may be needed).

4. Intermediated securities: claims under s.90A FSMA

In an important recent decision for UK securities litigation, the High Court has dismissed Tesco plc’s strike out application in the group litigation brought against it by its shareholders under the Financial Services and Markets Act 2000. The shareholders are seeking to recover substantial losses in respect of investment decisions made in alleged reliance on false and misleading statements made by Tesco in 2014. The case has exposed a possible “fundamental hole” in FSMA. Click here to read the full article.

5. Bellamy’s Australia Settles Two Class Actions for About $34 Million Ahead of Takeover

Bellamy’s Australia Ltd said on Wednesday it settled two shareholder class action lawsuits, without admitting liability, and will pay A$49.7 million (26.29 million pounds). Bellamy’s is on the verge of being taken over by Hong Kong-listed China Mengniu Dairy Co in a A$1.43 billion deal. 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

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