FRT’s Fast Five: Week Ending October 4, 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. Vale Holds Dividends as it Looks to Repair Damage from Dam Disaster

Vale, the world’s biggest iron ore producer, is focused on repairing the damage caused by a deadly dam burst in Brazil and has no plans to buy back shares or resume dividend payments, says its chief financial officer. Two hundred and fifty people — mainly Vale employees and contractors — died in January when a dam holding waste material from a mine collapsed, unleashing a torrent of sludge that destroyed everything in its path including a staff canteen. The company subsequently suspended all shareholder returns apart from a mandatory dividend required by law. Twenty people are still missing and earlier this month Brazilian federal police unveiled the first criminal charges against Vale and Tüv Süd, its German safety inspector. Click here to read the full article.

2. Steinhoff Investments Says 2017, 2018 Results to Be Delayed Further

Steinhoff Investment Holdings, a subsidiary of the crisis-hit South African retailer Steinhoff International, said on Monday, September 30th, its annual results would be delayed again. Steinhoff, which has reported billions of dollars in losses following an accounting fraud worth an estimated $7 billion, delayed the publication of its 2017 and 2018 results after flagging holes in its accounts in December 2017. While the retailer has since published both, Steinhoff Investments has not. It said in June that it would publish them before the end of September 2019. Click here to read the full article.

3. Facebook Escapes Cambridge Analytica Stock Suit, for Now

A California federal judge on Thursday, October 3rd dismissed a stock-drop suit against Facebook related to the Cambridge Analytica scandal but gave investors another chance to show how they were intentionally misled by the company’s top brass.In a lengthy and detailed order, U. S. District Judge Edward J. Davila went line by line in assessing allegedly false and misleading statements from CEO Mark Zuckerberg and executives Sheryl K. Sandberg and David M. Wehner related to data privacy, Facebook stock and the scandal itself, ultimately finding that none met the threshold for pleading securities fraud. Click here to read the full article (subscription may be needed).

4. 3rd Circuit: SEC Injunctions Are Not Sanctions Covered by Statute of Limitations

Injunctions issued by the U. S. Securities and Exchange Commission against ongoing or threatened violations of securities law are not penalties, and therefore are not subject to the statute of limitations applying to securities enforcement actions, the U. S. Court of Appeals for the Third Circuit ruled Thursday. Click here to read the full article (subscription may be needed).

5. The Future of an Industry: a Look at How Far Litigation Finance Has Come and How It Will Continue to Evolve

The 2nd Annual LF Dealmakers Forum addressed advancements in and the future of litigation finance, while also calling back to the origins of the field and the purposes it was designed to serve. 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 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 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.

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