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.
Investors in the company formerly known as DeVry Education Group Inc. on Friday proposed a $27.5 million settlement deal in Illinois federal court that, if approved, will end a proposed class action alleging the for-profit college intentionally mischaracterized its graduates’ career outcomes, leading to an inflation of its stock prices. If newly appointed U.S. District Judge Mary M. Rowland finds after a fairness hearing that the terms of the settlement are appropriate, the full settlement will be funded by the company’s insurance carrier, and the company, now known as Adtalem Global Education Inc., will agree to the proposed terms of the settlement while denying any wrongdoing. Click here to read the full article (subscription may be needed).
A federal judge in Manhattan on Thursday partially dismissed a lawsuit by investors in General Electric Co that accused the company of concealing $24 billion in insurance liabilities and using fraudulent accounting to prop up its power business. Judge Jesse Furman, however, granted the shareholders permission to amend their complaint. Click here to read the full article.
A group of investors was denied certification Tuesday in a suit against an imprisoned Twitter stock fraudster after a New York federal judge found that claims at the “absolute core” of the suit were too individualized to qualify for a class action. U.S. District Judge David N. Hurd ruled Tuesday that while the investors’ racketeering, breach of fiduciary duty, conversion and New York Debtor and Creditor Law claims reasonably raised common issues, as is required by Rule 23, the federal law that governs class actions, at the crux of the suit are fraud claims that are based on each investor’s own reliance on Gregory W. Gray’s alleged misstatements. Click here to read the full article (subscription may be needed).
Members of Parliament have slammed Steinhoff leadership for allegedly “buying time” and “malicious compliance” regarding investigations into governance failures that caused the global retailer’s share price to plunge, leading to billions of rand in losses for public pensions. On Wednesday, a year after former Steinhoff CEO Markus Jooste appeared before Parliament, four committees held a joint meeting to hear from Steinhoff leadership, National Treasury and various investigative bodies about the status of probes into the conglomerate. Major-General Alfred Khana, national head of the Hawks’ Commercial Crime Unit, told MPs that the Directorate for Priority Crime Investigation had struggled to get Steinhoff to comply with requests to hand over a 3 000-page forensic probe that was conducted by PwC. Khana said the Hawks still needed the full report from Steinhoff, as well as a statement of complaint if it had any chance of taking its investigations further. Click here to read the full article.
The U.S. Supreme Court in its 2018 landmark decision in Cyan Inc. v. Beaver County Employees Retirement Fund unanimously held that state courts have concurrent subject matter jurisdiction over class actions that exclusively allege claims under the Securities Act of 1933. Predictably, the plaintiffs have responded by bringing more Securities Act claims in state courts around the country, and practitioners have been closely following these cases to determine the impact of Cyan as state court procedure intermixes with substantive federal securities law principles. Click here to read the full article (subscription may be needed).
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