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.
The U.S. Supreme Court has suspended its plan to review the applicability of mandatory securities litigation discovery stays in state court, days after the parties in the attendant case said they were closing in on a settlement. On Thursday, the Supreme Court removed the case (Pivotal Software Inc. et al. v. Superior Court of California) from the calendar, in response to a motion filed last Friday by Pivotal and the shareholders who are suing the company over its 2018 IPO. Pivotal and the plaintiffs told the justices that they had reached a tentative settlement in the San Francisco Superior Court class action at issue before the Supreme Court. Companies and underwriters were counting on the Supreme Court to use the Pivotal case to correct what they consider to be an unjustified imbalance in the discovery rules in state and federal shareholder class actions. Click here to read the full article.
Class actions against governments are on the rise while data security and climate change claims are also expected to become more prevalent, according to an industry-leading report on the sector. The annual study by King & Wood Mallesons shows 2020-21 was a record year for new claims, with at least 63 filed (up from 55), even after a sharp drop in actions involving litigation funders. Moira Saville says plaintiff law firms can be “quite creative” when it comes to class actions. Co-authors and KWM partners Moira Saville and Peta Stevenson said they believed funders were holding back on shareholder claims, in particular, as they wait for court decisions and adjust to changes in continuous disclosure laws and the new licensing regime. Click here to read the full article (subscription may be required).
The final vote by claimants in the plan by retailer Steinhoff to pay out around R25 billion in compensation to settle a host of lawsuits in South Africa and Europe has been delayed. The vote was set to take place at 11:00 on Thursday. In a market update, Steinhoff said it had been delayed to a “later time to be communicated”. No reasons were given. The furniture retailer first proposed a “global settlement” to litigants in July last year to preempt having to defend itself against each of the more than 100 suits it was facing. After months of haggling over the terms of the payout, voting started this week in dual processes taking place in the Netherlands and South Africa. Thursday’s vote, which would have included Christo Wiese’s Titan stable of companies, was the set to be the last vote in the settlement plan. Click here to read the full article.
Securities fraud litigation based on regulatory mishaps, environmental disasters, data breaches, sexual harassment revelations, the COVID-19 pandemic and other well-publicized events that affect stock prices has been on the rise in recent years, overtaking more traditional securities claims arising from accounting scandals and corporate fraud. The Second Circuit Court of Appeals’ recent decision in Plumber & Steamfitters Loc. 773 Pension Fund v. Danske Bank A/S. issued on Aug. 25, 2021, provides helpful guidance for practitioners and companies defending such claims and sets out limiting principles that will potentially check meritless litigation. Click here to read the full article.
Are the UK courts starting to adopt a more permissive attitude to the kind of preliminary issues that have often plagued mass tort actions and other group claims? Will the restoration of the common law to issues of jurisdiction post-Brexit embolden the UK courts yet further? Are we seeing a new dawn for competition and data breach group claims? This article briefly takes stock of a few significant recent judicial decisions in addressing these questions. Click here to read the full article.
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