The Rise of International Claims Filings
By Allison Gosman, Senior Marketing Specialist, Financial Recovery Technologies
In 2010, the Morrison v. National Australia Bank case changed the global landscape for class action recoveries. The U.S. Supreme Court ruled that securities traded outside the U.S. are no longer within U.S. jurisdiction, effectively forcing actions against securities traded on foreign exchanges to be pursued outside of the United States.
While the majority of the world’s securities class action settlements still occur in the United States, international claims filings are on the rise. In 2017, Financial Recovery Technologies (FRT) identified 24 new cases in eight different jurisdictions compared to the 21 new cases in 2016 and 8 cases in 2015.
As the global class action industry continues to evolve and jurisdictions enact legal changes to accommodate class actions, it is important to stay on top of this evolving landscape in order to maximize your recovery opportunities.
Here are three recent / upcoming global group litigation cases FRT is currently monitoring:
- Australia – Commonwealth Bank of Australia
Commonwealth Bank of Australia (“CBA”), an Australian multinational lending bank and Australia’s largest ASX-listed company, is being investigated for breaching the Corporations Act by failing to keep investors informed of its violation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF).
Multiple organizing parties are currently investigating whether CBA allegedly mislead investors regarding its non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF).
- UK – Tesco Compensation Scheme
Tesco PLC, a LSE listed company, and its subsidiary Tesco Stores Ltd (“Tesco”) agreed to resolve certain claims related to Tesco’s misrepresentation of profit expectations with the UK Financial Conduct Authority (FCA). The resolution includes a GBP 85 million fund to compensate affected shareholders (the “Compensation Scheme”). The Scheme is being administered by KPMG.
- Netherlands – Petrobras
Settlement efforts are underway to recover losses experienced by Petrobras investors, a Brazilian oil and energy company, in connection with alleged corruption, money laundering, bribery, and securities violations in multiple jurisdictions. The Dutch Foundation was established to seek restitution for non-U.S. securities claims against the company and is organized by International Securities Associates and Foundations Management Company for Damaged Petrobras Investors (Bovespa) Ltd. (“ISAF Petrobras”).
Non-U.S. group actions are less publicized than U.S. cases, which makes them very difficult to identify and monitor, however FRT Global Group Litigation leverages FRT’s global expertise and class action experience to help investors make informed participation decisions and support them throughout the joining process.
- Global Group Litigation and Antitrust cases are now available in FRT’s Client Portal
- Case Spotlight: Vocus Group Ltd
To learn more about these cases or other Global Group Litigations, contact your FRT representative or email us at email@example.com.
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
Founded in 2008, Financial Recovery Technologies (FRT) is a 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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