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.
A tsunami of litigation is coming as a result of the coronavirus pandemic, and the first waves are beginning to crash in the financial services, life sciences, and real estate industries. Financial institutions, brokers, and investment advisers are starting to see claims that bring back memories of the Great Recession, when disputes surged through FINRA, the U.S.’s largest forum for resolving investment disputes. Additionally, biotech companies, real estate developers, and other businesses have found themselves targets of securities class actions, including over how they have—or haven’t—disclosed the impacts of Covid-19 on their business. Click here to read the full article.
Justice Ostrager’s decision in In re NIO Inc. Securities Litigation was a welcome development for companies facing parallel claims in federal and state courts under the Securities Act of 1933 (the Securities Act). Justice Ostrager of the New York State Supreme Court refused to vacate his stay of a class action under the Securities Act in favor of a parallel first-filed federal court suit, despite plaintiffs’ argument that the proposed amended state court complaint included allegations and defendants that were not included in the federal action. Click here to read the full article.
The corporate watchdog won’t be taking any action against Commonwealth Bank or its directors over a money laundering scandal that engulfed the banking giant three years ago. On Wednesday night, CBA told investors it had been notified by ASIC that the watchdog had finished its investigation and would not take any enforcement action. The news removes one potential risk facing the bank and comes as it fends off a class action launched on behalf of investors over the money laundering compliance scandal. Click here to read the full article.
The Morrison government is working on permanently easing stock market continuous disclosure rules, in a shake-up that would make it harder for disgruntled shareholders and class action lawyers to launch civil actions. Under a plan being strongly considered by Treasury, shareholder lawsuits seeking financial compensation would have to prove a fault element, such as recklessness or intent, to establish a breach of continuous disclosure rules. Click here to read the full article (subscription may be needed).
The Financial Conduct Authority is probing compliance by fund management groups with new governance rules as it seeks to improve accountability in the sector following the Neil Woodford scandal. The City watchdog is holding closed-door discussions with a cross-section of companies to check effective steps are being taken to root out funds that provide poor value for money, according to several people familiar with the matter. New rules introduced last year require investment managers to carry out annual value assessments for each of their funds and take action on vehicles that are short-changing investors. The Fund Boards Council, a group representing fund directors, said that of the 135 statements published so far, just 4 per cent made a clear effort to identify remedial action to improve their funds. Click here to read the full article (subscription may be needed).
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