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.
Several big banks and brokerages escaped a rate-rigging suit Monday after a New York federal judge determined that the investment firm that sued them in 2015 had dissolved before it brought claims, invalidating the entire litigation. Sonterra Capital Master Fund Ltd. and several related entities accused a group of financial institutions, including Credit Suisse, Deutsche Bank AG and The Royal Bank of Scotland PLC, among many others, of conspiring to manipulate the Swiss franc Libor, which reflects the daily interest rate benchmarks at which banks can borrow Swiss francs. U.S. District Judge Sidney H. Stein dismissed the investors’ proposed class action Monday after finding that the latest version of the complaint revealed that the majority of the plaintiffs “do not exist,” and had no legal standing under Article III of the U.S. Constitution to bring antitrust and Racketeer Influenced and Corrupt Organizations Act claims in the first place. Click here to read the full article.
Investors alleging major banks conspired to fix prices for bonds issued by Fannie Mae and other government-sponsored enterprises told a New York federal court on Wednesday that they have their first settlement, unveiling a $15 million deal with Deutsche Bank that includes compliance and cooperation provisions. The proposed settlement includes no admission of wrongdoing from Deutsche Bank but calls for it to pay $15 million into a settlement fund and adhere to certain antitrust compliance measures for two years. The bank has also agreed to provide transaction data, employee interviews and other cooperation as the investors press forward with their antitrust claims against BNP Paribas, Morgan Stanley and other financial institutions. Click here to read the full article (subscription may be needed).
Shares in Britain’s Metro Bank fell as much as 6.5% on Wednesday after it said there could be “significant expense” to resolve investigations into a 900 million pound accounting error. Metro Bank has struggled to rebuild investor confidence after disclosing in January it had under-reported the risk of its loan book. The error forced the bank to raise 375 million pounds from shareholders in May and by July it said customers had pulled 2 billion pounds out of the bank. In a bond prospectus published on Tuesday, Metro said the Financial Conduct Authority and Prudential Regulation Authority investigations had been broadened to include senior members of management and could lead to “criminal and/or civil liability for the bank” or suspension of its regulatory permissions. “Making redress, and the cost of any regulatory sanctions may involve significant expense,” the bank said. Click here to read the full article.
Faced with public outrage after its second mining dam collapse in four years killed at least 240 people in Brazil, Vale SA misrepresented what it had done to shut down its riskiest dams, a review of the company’s statements shows. Fabio Schvartsman, Vale’s then-chief executive, said at a nationally broadcast news conference days after the dam burst in late January that the company had already decommissioned nine “upstream dams” in the wake of a 2015 disaster involving the same type of structure, and planned to dismantle 10 more over the next few years. Brazilian prosecutors now are looking into Schvartsman’s declaration that Vale had already shuttered nine upstream dams in response to the 2015 collapse as part of a wider criminal probe into the company’s conduct, an individual close to the investigation said. The widening of the probe has not been previously reported. Click here to read the full article.
How courts are handling situations where multiple shareholder class actions are brought against the same defendant company for the same conduct is an important issue for a defendant company. Peter Sise examines the competing approaches and the pros and cons of each. Click here to read the full article.
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