Battea 2021 Client Newsletter

BATTEA 2021 CLIENT NEWSLETTER

Outside of settled cases, the decline in filed cases in 2020 is largely due to business environment interruptions and the impact of the global Covid-19 pandemic. Additionally, M&A activity, generally, was muted for much of 2020, although M&A activity and the predictable merger objection cases started picking up later in the year. We anticipate the pace of federal filings will increase as we get further away from the pandemic induced business disruptions. A factor that may drive filings includes an increase in so-called “event-driven” litigations. These are market or social events like the opioid crisis, #metoo, privacy/data breaches, and the coronavirus pandemic that occur and prompt civil litigation and associated securities fraud filings if the defendants are publicly listed.

There is also a correlation between anti-trust and corruption cases and the filing of securities fraud case filings against public companies. We are aware of many plaintiff law firms who are bolstering their anti-trust practice groups. It follows that securities litigation will not be far behind. The burgeoning abilities of investors to pursue securities fraud claims in foreign jurisdictions will give rise to additional claim filing events for Battea clients in these foreign jurisdictions. Related securities cases in the U.S. are a natural extension of this phenomenon as we have seen in Volkswagen, Petrobras and Danske Bank to name a few prominent examples of cases that have been litigated in home jurisdictions as well as the U.S. pursuant to investor exposure to American Depository Receipts.

In 2021 and beyond, mainly due to the delays the industry faced in 2020 because of the COVID-19 pandemic, we are going to see historical amounts of monies paid out to investors that traded in the domestic and international fixed income and derivatives markets.

Please contact us if we can be of further assistance in any areas surrounding your recovery efforts.


REQUEST FOR DATA & DATA REFRESHES

In addition to our expertise and unique proficiencies across all securities, foreign exchange, derivatives, and commodities class action filings, the main ingredient in a successful filing is the data – in this case your data!

Therefore, we are asking all Battea clients to either submit all of their data or refresh the data that was already sent to Battea previously. Due to the many years-long class periods and the many types of instruments, the data retrieval process can be a challenge, but also a very economically rewarding exercise. The economic payout potential in all future cases can be negatively affected by insufficient and incomplete data. We cannot process transactions we do not have, or do not know about, and if we are missing vital data related to individual transactions, those transactions are likely to get rejected.

We want to ensure your team has had the opportunity to produce as much or all data you have available. Almost every single transaction will receive a reward, so each single transaction matters. Please take note that in many instances, the same transactions can be filed in several settlements and receive payout several times.

We kindly ask you to make this a priority.

If you have any questions about this request, or how you can ensure that we have all of your eligible transactional data, please contact your customer service representative at Battea, call us at (203) 987-4949, or email info@battea.com.


SETTLEMENT FUNDS WITH RECENT & IMMINENT CLAIMS FILING DEADLINES

Settlement:Settlement Fund:Claims Filing Deadline:
Wells Fargo Fair Fund$500,000,000June 25, 2021
Canadian FX Price Fixing$106,800,000 CDN (Partial)TBD*
Gold Futures & Options Trading$102,000,000 (Partial)August 23, 2021
SSA Bonds$90,500,000 (Partial)April 16, 2021
JPMorgan Aussie Benchmark$32,000,000 (Partial)TBD
Indirect FX Antitrust Litigation$23,630,000 (Partial)March 19, 2021
LIBOR-Based Antitrust—Green Pond Action$21,775,000 (Partial)January 3, 2021
Mexican Government Bond$20,700,000 (Partial)October 13, 2021

* This case has had its initial filing deadline in January 2020 for settling defendants.

Future filing deadlines are expected for those non-settling defendants.


RECENT INTERNATIONAL LITIGATION UPDATES

Petrobras “Lavo Jato” Litigation

The Stichting Petrobras Compensation Foundation is representing damaged investors who transacted on the primary market in Brazil and on linked markets around the world (excluding the ADRs traded on the NYSE) and who held non-US bonds has largely established jurisdiction for the investor class in the Netherlands. On January 29, 2020, the District Court in Rotterdam ruled on the standing of the Foundation to represent the aforementioned investor class in these proceedings. Over the course of 2020, the Court has asked the Foundation to provide additional information about the investors whose interests it represents before proceeding to the phase of the litigation that will address the merits of the case (adjudication of declaratory relief for the investor class). Upon a favorable ruling for the Foundation on these procedural elements in May 2021, the litigation will proceed to the declaratory relief phase.

The Foundation urges continued participation from investors who have not yet joined the damaged investor coalition. For more information, contact ISAF today: https://isafmanagement.com/petrobras-case/case-participation

Volkswagen “Dieselgate” Litigation

During second, third, and fourth quarters of 2020, TILP Litigation Rechtsanwaltsgesellschaft mbH, the German law firm representing the model plaintiff and ostensibly the lead counsel for damaged VW investors in the KapMuG proceedings, participated in oral hearings in the Higher Regional Court in Braunschweig, Germany. At the moment, TILP Litigation has been focused on reaffirming to the Court the identity elements, while continuing to prove the losses of the damaged VW investors it represents.

For more information, contact ISAF today: https://isafmanagement.com/contact


BATTEA IN THE NEWS

Council for Institutional Investors (CII) Q&A with Battea’s President

During CII’s Annual Spring Conference in March, Battea’s President, Michael McCreesh, was interviewed by the staff at CII. Mr. McCreesh talked through his transition after a 25-year career at Goldman Sachs, the importance of recovery in today’s markets, the nearly $16 billion to eligible investors, and what’s to be expected in 2021 and beyond. Mr. McCreesh’s Q&A preceded the Keynote Address from Jamie Dimon, Chairman, Chief Executive Officer, of JPMorgan Chase.

Battea Debuts New “Experts Series” Podcast

Looking for something new to listen to? Battea is proud to be launching its “Experts Series” podcast series. Hosted by Battea’s Global Head of Marketing, Kevin Doyle, we will be bringing new content focused on your recoveries. Guests will include various members of Battea’s staff, colleagues, friends, and industry experts. The now available podcasts include a Q&A with Battea’s President, Michael McCreesh, and a focus on the antitrust derivative space with Battea FX & Derivatives Group’s Vice President of Sales, James Donahue. Listen and subscribe at Spotify, Amazon Music, Google Podcast, iHeartRadio, and PlayerFM.

Corporate LiveWire® Global Fund Award 2021

Battea has been chosen as the recipient of the Innovation & Excellence Award for Security Class Action Software Solutions Provider of the Year by Corporate LiveWire®. The Global Fund Awards highlight the most successful experts in the global financial services industry. The awards offer finance leaders the chance to mark the contributions and innovations making the industry one of the most exciting segments in the financial world.

Global 100® Awards 2021

Battea has been chosen as the recipient of the Best in Hedge Fund Securities Class Action Settlement Recovery by Global 100®. Firms are then shortlisted and selected as winners, in this elite group. Once all votes have been received, an independent panel of judges review the votes within each category. In summary, the Global 100 program provides a benchmark of the very best of the best industry leaders, exemplary team’s and distinguished organizations

Legal 100® Awards 2021

Battea has been chosen as the recipient of the Best in Investor Settlement Recovery by Legal 100®. This incredible achievement highlights Battea for having a high pedigree in managing the most complex data sets, continuous investments in innovation, a supreme level of service, and the overall value the firm provides in this tough ever-changing industry. With this award, Battea demonstrates unquestionable abilities and endorsements from both clients and peers.


If you have any questions about this Newsletter, these pending settlements, or how you can ensure that we have all of your eligible transactional data, please contact your customer service representative at (203) 987-4949, or email info@battea.com