We often come across securities litigation cases during our research for FRT Global that are not considered class actions in the true sense of the word. These cases may not affect our client’s directly, but we find them to be interesting examples of how securities fraud cases continue to expand, both regionally and by definition. Each international jurisdiction addresses and handles securities litigation differently and many mechanisms for remediation continue to evolve. It’s FRT’s responsibility to stay educated on all international securities litigation to deliver the best service to our clients.

Here are a few recent topics and decisions from around the globe that we found interesting:

Hague Awards Shareholders of Yukos over $50B

• A Hague court in the Netherlands recently awarded former majority shareholders of Yukos Oil Company over $50B in a ruling against Russia. Yukos Oil is a now-defunct oil company that was previously headquartered in Moscow, Russia. The Hague court found that Yukos funds were expropriated for political reasons. The court emphasized, “that the primary objective of the Russian Federation was not to collect taxes but to bankrupt Yukos and appropriate its underlying assets for the benefit of the state.”

2d Circuit Court Rules that Foreign Swaps Are Not Eligible in Securities Class Actions Under Morrison

• The United States Court of Appeals, in the newly decided ParkCentral Global Hub Ltd. v. Porsche Automobile Holdings SE case, held that swaps are not valid securities for class actions. The Supreme Court decided that non-U.S. securities involved in domestic transactions issued by a non-US defendant, coupled with a fraudulent activity which occurred abroad and related to price movements in non-U.S. securities, are outside of the scope of the Securities and Exchange Act of 1934. This case proves to be yet another example of US courts making it harder for plaintiffs to bring U.S. securities claims against non-U.S. issuers of non-U.S. securities.

Supreme Court Decision in Argentinian Bonds Case Affects Discovery Stage

• The Supreme Court was asked to rule whether debt holders of overseas assets would be allowed to discover information about the defaulted debt holder’s assets in overseas lands. The court ruled yes; information that banks held about debtors assets was discoverable. As a result, information derived from the discovery stage can provide debtors the ability to potentially seize overseas property as compensation.

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About FRT

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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.

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