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.
A New York federal judge ruled Tuesday that banks he’d previously dismissed from a bond price-fixing lawsuit cannot escape claims again in light of information investors gleaned from a settlement with Deutsche Bank. U. S. District Judge Jed Rakoff said new chatroom excerpts contained in the investors’ third amended complaint finally ties banking behemoths like Barclays Capital Inc. and Credit Suisse Securities LLC to an alleged conspiracy among securities units of the world’s largest financial institutions to fix bond prices for government-sponsored entities. The case is In re: GSE Bonds Antitrust Litigation, case number 1:19-cv-01704, in the U.S. District Court for the Southern District of New York. Click here to read the full article (subscription may be needed).
A lawsuit accusing Exxon Mobil Corp. of defrauding investors on the risks the company faces from climate change is set for a courtroom showdown, as scheduled, after a judge, Oct. 16 tossed a set of pretrial motions from both sides. After a 30-minute hearing, Justice Barry Ostrager of the New York Supreme Court for the County of New York denied Exxon lawyers’ challenges to an expert and a witness the state plans to call for a trial. Click here to read the full article (subscription may be needed).
Two recent appellate court decisions shed light on the limited circumstances in which regulators and private plaintiffs can pursue claims for violations of the U.S. securities and commodities laws for conduct occurring outside the United States. Click here to read the full article.
“The securities class action system is spinning out of control,” warns the U.S. Chamber of Commerce in a recent report ominously entitled “A Rising Threat.” Citing a more than 50% one-year increase in filings against companies in 2017 (to a level that was sustained in 2018), the Chamber complains that “the number of lawsuits is skyrocketing, and has reached levels not seen before the enactment of the Private Securities Litigation Reform Act.” Has the time arrived, as the Chamber and others contend, for major action to further limit securities litigation? Those who believe so will do well to consider research in the current issue of The Accounting Review. While by no means taking a stand on calls for action, the research offers what is arguably the most persuasive evidence to date on a persistent question highly relevant to that issue: Does the risk of shareholder securities litigation spur corporate disclosure and the benefits to investors that accrue from it, or does it inhibit disclosure? Click here to read the full article.
Two very recent federal appellate decisions have substantially expanded the ability of foreign litigants to obtain evidence in the United States under 28 USC §1782(a) for use in their proceedings abroad. In Re Application of Del Valle Ruiz 2019 WL 4924395 (2d Cir. Oct. 7, 2019); In re Application to Take Discovery, 2019 WL 4509287 (6th Cir. Sept. 19, 2019). Click here to read the full article.
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