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.
Ten years ago, the U.S. Supreme Court issued its landmark decision in Morrison v. National Australia Bank Ltd., which limited the extraterritorial application of the federal securities laws in order to prevent the U.S. from becoming “the Shangri-La of class-action litigation for lawyers representing those allegedly cheated in foreign securities markets.” However, it has not yet brought the predictability and consistency it promised and it has spawned a number of unintended consequences that have exposed foreign issuers to liability in U.S. securities class actions where none may have existed before. The risks to foreign issuers may be exacerbated by a recent trend that allows plaintiffs whose U.S. securities law claims would be limited under the Morrison principles to expand class actions by asserting foreign law claims in their complaints. If these examples are followed widely by U.S. courts, they could significantly expand the effective extraterritoriality of the U.S. securities laws in a manner that seems inconsistent with the intention of the Morrison decision, reviving the “foreign cubed” actions — foreign plaintiff, foreign defendant, foreign law — that many thought would not survive Morrison. Click here to read the full article (subscription may be needed).
The principal lawyer leading a class action against the country’s second largest bank has said the mammoth settlement agreement over its money laundering charges would spell good news for claimants. Tim Finney, director of Melbourne law firm Phi Finney McDonald, said the $1.3 billion penalty agreement between Westpac and the Australian Transaction Reports and Analysis Centre (AUSTRAC) would now put pressure on the bank to settle its other lawsuits. Thousands of Westpac shareholders had signed up through the open class action against the bank, and Mr Finney said Westpac’s admission of wrongdoing as part of its Austrac settlement would also assist their case. Click here to read the full article.
How is Brexit likely to affect litigators in Europe after the end of the transition period on 31 December 2020, if no deal is agreed between the UK and the EU to cover their future relationship? This alert considers the “run-off” period created by the Withdrawal Agreement, what is left thereafter, and the implications for drafting choice of law and jurisdiction clauses. Click here to read the full article.
As the last few years have shown, shareholder derivative litigation — claims brought by a shareholder purportedly on behalf of a company against its board of directors or senior management for alleged breaches of fiduciary duty — is often brought following the public disclosure of a negative event (so-called “event-driven litigation”). Event-driven litigation is a trend that will likely continue. In particular, companies should expect to see derivative suits related to allegations surrounding COVID-19 and structural racism filed over the next year. Although it is yet to be seen whether such event-driven litigation will be successful, litigation enhances risk and can be disruptive to boards and management even if the claims ultimately fail. Thus, boards should carefully consider their disclosures, practices and procedures related to these issues. Click here to read the full article.
The judge overseeing a settled class action against Murray Goulburn, which earned millions of dollars for the same legal team accused of serious misconduct in the running of the Banksia class action, invited the parties last month to reopen the case, concerned he had been misled when approving the lawyers’ costs. Click here to read the full article (subscription may be needed).
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