Three Non-U.S. Passive Participation Opportunities to Keep on Your Radar
As we have previously discussed, when participating in securities litigation, most institutional investors prefer countries with jurisdiction risk profiles similar to the the U.S. whereby participation requires either a passive claims filings or passive registration process. Claimants have no responsibility for paying the attorney fees as are brought on a “no win, no fee basis” these jurisdictions carry no risk of adverse party (loser pays) cost shifting.
Q4 2018 saw an uptick of non-U.S. passive participation with five matters that had several features similar to U.S. class actions (read our blog here). The trend will only continue and here are three passive claim situations with upcoming registration deadlines to keep on your radar:
| Settling Defendants | Settling Amount |
|---|---|
| UBS | $4,950,000 |
| BNP Paribas | $4,500,000 |
| Bank of America | $6,500,000 |
| Goldman Sachs | $6,750,000 |
| JPMorgan Chase | $11,500,000 |
| Citi | $21,000,000 |
| Barclays | $19,677,205 |
| HSBC | $15,500,000 |
| Royal Bank of Scotland | $13,220,000 |
| Standard Chartered | $900,000 |
| Bank of Tokyo Mitsubishi UFJ | $450,000 |
| Société Générale | $1,800,000 |
| Morgan Stanley | $2,300,000 |
WHY ARE GLOBAL MATTERS IMPORTANT?
The Morrison decision (2010) pushed many securities fraud cases overseas and has led to suits in more countries, dynamic legal developments in jurisdictions, more lawyers and funding sources and better outcomes and lower fees.
Overall, the landscape of these global matters is slowly shifting to mirror those of U.S. passive claims filing. It’s important for investors to understand the nuances of their trading in each jurisdiction in order for them begin to develop internal policies for foreign actions. In many cases, claims filing can be automated, as in the U.S., freeing up fiduciaries to focus more on higher-risk jurisdictions that require more direct involvement.
HOW CAN FRT HELP?
FRT’s global expertise and class action experience helps investors make informed participation decisions and support them throughout the joining process:
- Alerts with detailed case information for all active non-U.S. jurisdictions from FRT’s proprietary monitoring service
- Opportunity analysis detailing case eligibility and the required steps for each country and case organizer
- Insight into the group actions in different jurisdictions and the local players involved
- Case comparisons for actions with multiple competing organizers
- Actionable unbiased analysis to help you make an informed decision on your participation
- Access to FRT’s legal team for ongoing support and custom research
Contact us to learn more about to learn more about FRT Global Group Litigation.
Learn More
For more details on non-U.S. passive participation opportunities including FRT’s Global Group Litigation service, please contact your FRT representative or email us at learnmore@frtservices.com.
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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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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.