Euroyen Case Update (April 2020): 2nd Circuit Reverses Court Decision to Dismiss Previous Suit

On April 1, 2020, the Second Circuit Court reversed a decision dismissing the 2015 suit involving allegations that defendants manipulated and/or aided in the manipulation of two daily benchmark rates – the Yen-LIBOR and Euroyen TIBOR – which impacted the prices of Euroyen-based derivatives between January 1, 2006 and June 30, 2011.

In March 2017, a New York Federal Court dismissed the case after finding that investor plaintiffs did not have standing to bring their Antitrust claims against the defendant banks. The 3-judge Second Circuit overturned the Federals Court’s decision stating that the plaintiffs provided sufficient detail outlining that they had suffered a direct economic impact as a result of the alleged manipulation of interest rates.

Several of the defendant banks previously settled with investors bringing the settlement pool to $307 million, including:

  • 2016: HSBC and Citibank
  • 2017: J.P. Morgan Chase & Co and Deustche Bank AG
  • 2018: Bank of Tokyo-Mitsubishi UFJ Ltd., Mitsubishi UFJ Trust, Banking Corp, Sumitomo Mitsui Trust Bank
  • 2019: The Bank of Yokohama Ltd., Shinkin Central Bank, The Shoko Chukin Bank Ltd., Resona Bank Ltd., Mizuho Bank Ltd., The Norinchukin Bank and Sumitomo Mitsui Banking Corp.

To date, 15 out of the 30 named defendants have currently settled with investors. With 15 outstanding defendants yet to settle, remanding this case back to the lower court could  lead to future opportunities for impacted investors to recover settlement dollars.

Additional resources:

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To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

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.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

Resources for Institutional, Wealth and Retail Investment Firms During Times of Market Volatility

Financial Recovery Technologies is committed to sharing the latest industry news, developments and best practices with assets owners and asset managers. We have compiled a list of resources beneficial for asset owners and asset managers to help them better understand and prepare strategies during times of market volatility. 

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>> Exchanges Must Keep Running Despite Volatility: WFE (click to read the full article)

Financial Technologies Forum; Published on March 25, 2020

The World Federation of Exchanges (WFE) offers a guide to best practices for its members coping with a pandemic wreaking havoc on global markets.

>> Understanding Volatility if You’ve Never Encountered It Before (click to read the full article)

TradeStation Market Insights; Published on March 26, 2020

The last month has been one of the most volatile in the history of the stock market. Here are some things to know if you’re new to investing and it scared you.

>> How to Handle Volatility (click to read the full article)

Morgan Stanley Wealth Management; Published on March 19, 2020

Markets have gotten much more volatile recently. Here’s why investors should keep their focus on the long game.

>> How Advisors Can Help Retirement Clients Weather a Market Meltdown (click to read the full article)

ThinkAdvisor; Published on March 24, 2020

Amid continued concerns over the coronavirus and stock market volatility, advisors should remain calm and communicate clearly to clients that, in the vast majority of cases, it remains prudent to stay the course with their retirement portfolios, according to retirement experts at Morgan Stanley and other firms interviewed by ThinkAdvisor.

>> With Market Volatility, Consider Goals-Based Planning Over Investment-Based Planning For Retirement (click to read the full article)

The Street; Published on March 20, 2020

For many years, you’ve likely been a member of the investment-based planning crowd. That’s the crowd that seeks the highest investment return or seeks to beat a benchmark. Well, now, amidst all this volatility in the markets, might be the time to consider a different approach to your investment portfolio—goals-based planning.

>> A Strategy for Taking Advantage of the Market Meltdown (click to read the full article)

The Wall Street Journal; Published on March 26, 2020

With tax rates low and asset values beaten down, many people stand to benefit from using Roth IRA conversions to create tax-free income in retirement.

>> Volatility is Still With Us, But a Return to Logic is a Welcome Thing (click to read the full article)

Nasdaq; Published on March 3, 2020

Because the word that has been so overused over recent weeks, it is important to remember that “volatility” does not mean just downward movement; it means violent swings in the market. If yesterday’s gains had been a couple of hundred points or so, it would suggest that things were slowing down. Such a big jump, however, is still technically volatility. Moving higher gives some relief to battered investors, of course, but it isn’t really a sign of consolidation.

>> The Importance of Staying Invested in Volatile Times (click to read the full article)

Morning Star; Published on March 16, 2020

Don’t flee the market in a panic, but rather embrace the turmoil as an investment opportunity–you’ll be better off in the long run.

>> Wealth Managers Urge Calm Amid Market Storm (click to read the full article)

Barrons; Published on March 17, 2020

Another day, another market rout. What’s an investor to think—and do? Alarming headlines are enough to put the coolest investors on edge. Advisors say their first priority is to quell anxiety so clients can have clear-headed discussions about what, if any, changes to make in their portfolios.

>> Future Returns: Wealth Management Tips for Volatile Times (click to read the full article)

Barrons; Published on March 10, 2020

There are constructive ways to put some nervous energy to work, not just in portfolios, but more broadly in other areas of a wealth plan.

>> Fiduciary Duties and Board Options in a Time of Pandemic (click to read the full article)

Gibson Dunn; Published on April 6, 2020

This note is a tool for directors to help them identify some of the issues they should consider to ensure that their decisions are protected by the business judgment rule as they guide their companies during these challenging times.

>> ERISA Fiduciary Best Practices During Market Instability (click to read the full article)

Law360; Published on April 8, 2020

Find out some best practices for plan sponsors and fiduciaries to consider in navigating their retirement plans through the COVID-19 market and business environment.

 

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

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.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

FRT Insights – Quarterly Newsletter – April 2020

This quarter, we highlight the continued growth and evolution of global shareholder litigation and how the expansion on non-U.S. and Antitrust matters are impacting investors:

  • [ Webinar ] Understanding Shareholder Loss Estimates in Non-U.S. Securities Litigation on Wednesday, April 29, 2020 > Click here to register
  • [ Case Spotlight ] Lessons Learned from the First Settlement of the GSE Bonds Antitrust Case ($49.5m) > Read our blog
  • [ Blogs ] Recent blogs published by FRT 

* * *

 

>> GLOBAL OPT-IN AND NON-U.S. LITIGATION

Understanding Shareholder Loss Estimates in Non-U.S. Securities Litigation
Wednesday, April 29. 2020 | 10:00 a.m. ET (3:00 p.m. BST)

With the continued expansion of non-U.S. securities litigation, more institutions are asking questions around losses. How are they calculated? Why do they differ? What do they mean? How can we use them when making participation decisions?

Attend our webinar as FRT’s Mike Lange, Chris Looby, and Emily Fortin, share insights into:

  • Understanding Your Losses – the three different types, why they matter, and how they should best be calculated for comparison purposes
  • Uncertainty of Loss Estimates – similarities and differences of losses among countries including the United States, Australia, Japan and other Non-U.S. jurisdictions
  • Investor Participation – how investors should use loss estimates when deciding whether to register

If you cannot attend the live webinar, please register (click here) to receive a copy of the recording after the event.

>> ANTITRUST RECOVERY

Lessons Learned from the First Settlement of the GSE Bonds Antitrust Case ($49.5m)

In Q1 2020 alone, FRT filed claims in three antitrust case settlements including FX Canada – CAD $109.8m (read our case spotlight), GSE Bonds – $49.5m (read our case update), and Euroyen $71m (read our case update) for some of the largest asset managers and asset owners in the world, as well as hundreds of other clients.

With another settlement for the GSE Bonds case ($250m) fast approaching on May 12, 2020, here are a few lessons learned that may be relevant for this case and future antitrust settlements

 

>> SETTLED CLASS ACTION RECOVERY

Quarterly Disbursed Claims – Q1 2020

In Q1-2020, over $508 million of settlement funds were distributed, across 14 settlements in the U.S. and Canada. For more information, contact your Financial Recovery Technologies representative or email us.

  • Top 5 recently settled cases in Q1 represented a combined value of nearly $1.4 billion
  • Top 5 disbursed cases in Q1 represented a combined value of over $424 million

You can find information on recently settled and disbursed cases in our client portal. To learn more, contact your Financial Recovery Technologies representative or email us.

 

>> RECENT BLOGS BY FRT

 

Subscribe to FRT’s Monthly Newsletter

Financial Recovery Technologies’ Shareholder Litigation Fast Five provides you with the top news in shareholder class actions. This is your exclusive summary of the latest industry developments related to settled, group and antitrust actions and recovery opportunities. Click here to subscribe.

Learn More

To learn more about how FRT can help your firm maximize recoveries in shareholder class action settlements, contact us at learnmore@frtservices.com.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

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.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.