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. ‘Facebook of China’ Shareholders Score $300 Million in Cross-Border Derivative Deal

In one of the biggest cash settlements in the history of U.S. shareholder derivative litigation, investors who own a minority stake in Renren Inc., once known as the “Facebook of China,” are slated to receive at least $300 million to resolve claims against the controlling shareholders and other defendants, including financial tech company Social Finance Inc. Click here to read the full article.

2. Steinhoff Claimants May Have to Wait 3 More Months for Court to Hear R25bn Sanction Bid

The Western Cape High Court is expected to only hear an application by retailer Steinhoff to approve its €1.4 billion (~R25 billion) settlement plan in January next year. Steinhoff had asked the court in early September to sanction its proposal after it was overwhelmingly backed by all claimant classes in a series of votes. Under the terms of the settlement, the retailer will pay out billions of rands to litigants for the financial damage they suffered from the dramatic drop in its share price in late 2017. In return, litigants would drop all current and future legal challenges against the retailer. The group has said it may need to be liquidated if the settlement proposal falls through. While voting ended in early September, courts in South African and the Netherlands need to approve the proposal before it becomes binding. Click here to read the full article.

3. S&P Warns Business to Face More Climate Litigation

Businesses could face an increase in lawsuits by investors if they feel companies are not making enough effort to meet climate change targets, which will ultimately have an impact on their finances and reputations, a ratings agency has warned. S&P published a study on Wednesday warning that as the global push toward decarbonization gathers pace, stakeholders such as investors and nongovernmental organizations will increasingly turn to litigation. Click here to read the full article (subscription may be required).

4. Why a Recent ETF Class Action May Prompt Reform to the Ontario Securities Act

In recent years, exchange traded funds have become a significant feature in the Canadian securities landscape. However, Ontario securities jurisprudence concerning ETFs remains at an early stage. The recent Ontario Superior Court of Justice decision in Wright v. Horizons ETFS Management (Canada) Inc., 2021 ONSC 3120 (Wright) is an important development in the area that, in the court’s own view, has the potential to prompt legislative or regulatory reform. Click here to read the full article.

5. Deutsche Bank Faces €500m Lawsuit in Widening Forex Derivatives Scandal

One of Spain’s biggest hotel groups is suing Deutsche Bank for €500m in damages over the alleged mis-selling of risky foreign exchange derivatives that it says left it with crippling losses. The claim, which was filed last month to the High Court in London, is the latest escalation in a scandal involving accusations that Deutsche sold exotic financial products to small and medium-sized companies in Spain, pushing some into financial distress. Click here to read the full article (subscription may be required).

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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.

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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.