FRT’s Fast Five: Week ending October 26, 2018

Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in U.S. claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. Ex-Citi Trader Rips Colleague’s Forex Collusion Trial

A former Citigroup Inc. foreign exchange trader on Tuesday told jurors in the forex-rigging trial of traders for Barclays PLC, Citi and JPMorgan Chase & Co. that the case was “ludicrous,” casting the allegedly collusive “cartel” chatroom evidence as benign. Click here to read the full article (subscription may be needed).

2. Futures Group Says Peregrine Investors’ Losses Not Its Fault

The National Futures Association asked a New York federal judge Monday to throw out a suit by customers of the Peregrine Financial Group who say the association failed to alert the public of Peregrine’s bad accounting and theft, saying the suit is late and legally weak. Click here to read the full article (subscription may be needed).

3. Facebook To Pay $69M In Atty Fees For Mooted Stock Suit

Facebook Inc. has agreed to shell out nearly $69 million in attorneys’ fees in a mooted shareholder lawsuit over a nixed plan to reclassify the company’s stock, according to a deal reached Wednesday in Delaware Chancery Court. Click here to read the full article (subscription may be needed).

4. Law reform chief takes aim at ‘trafficking’ of class actions

With the commission’s class actions report in its final stages, Derrington – a non-sitting judge of the Federal Court – took aim at those who sell shares in the proceeds of any settlement.
She cited the example of Burford Capital which recently sold off 25 per cent of its funding of a claim in the USA against the Argentinian government for nationalisation of an oil company for $106 million. Its original investment was $18 million. Click here to read the full article (subscription may be needed).

5. Tesla Says Method Of Merging Tweet Suits ‘Makes No Sense’

Tesla Inc. and its CEO Elon Musk told a California federal court Tuesday that bids to consolidate nine proposed class actions over Musk’s going-private tweets were brought on behalf of groups of unrelated people and seek to represent both buyers and sellers of Tesla shares in a way that “makes no sense.” Click here to read the full article (subscription may be needed).

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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 does 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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