First Quarter 2020 Newsletter

First Quarter 2020 Newsletter

There has been incredible growth in securities and antitrust class action litigations and settlements, particularly as they have unfolded in the past five years. The number of new cases and new settlements from traditional securities litigation to antitrust rate rigging, spread inflation and other forms of collusion are at an all-time high and shows no signs of slowing down.

While billions of dollars have already settled in the Foreign Exchange Benchmark Antitrust manipulation case, and have distributed in the Petrobras U.S. ADR settlement, there are still several billions expected to settle in cases currently in litigation.

We are actively monitoring the Interest Rate Swaps Antitrust Litigation (Spread Manipulation), GSE Bonds Antitrust Litigation, and on the equity side of the horizon, Valeant Pharmaceuticals International and the Wells Fargo & Co (Fair Fund) (which include settlement funds of $1.210 billion and $500 million, respectively).

In 2020, as in 2019, we are going to see historical amounts of monies paid out to investors that traded in the domestic and international foreign exchange and derivatives markets.

Learn more about recent settlements and those with claims filing deadlines in the next ten business days.


In addition to our immeasurable 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 for the following:

  1. Because of the economic payout potential in all these cases, and,
  2. Because we might only have some of your data, or
  3. The data we have falls short of including required information

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.

Please take note that in many instances, the same transactions can be filed in several settlements and receive payout several times.

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. 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 kindly ask you to make this a priority.

If you have any questions about this request, the current settlement funds (outlined below), 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


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Petrobras “Lavo Jato” Litigation

The Stichting Petrobras Compensation Foundation 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. 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). Specifically, the Court has asked that the Foundation provide details on how trades were executed and whether or not the investor class represented by the Foundation would potentially be subject to an arbitration clause. The Foundation will respond to the Court on May 6, 2020 with a brief that includes expert testimony on the arbitration clause issue as well as information on other technical and procedural elements requested by the Court. Upon a favorable ruling for the Foundation on these elements, the litigation will proceed to the declaratory relief phase referenced above. The Foundation estimates that the hearings on the merits will commence Q4 2020 or Q1 2021. The Foundation urges continued participation from investors who have not yet joined the damaged investor coalition.

Danske Bank Money Laundering Scandal

On December 27, 2019, an institutional shareholder-driven coalition represented via the International Securities Associations and Foundations Management Company for Damaged Danske Investors (ISAF-Danske), announced its first filing of a lawsuit in a series of planned filings against Danske Bank NS, in connection with the highly publicized money laundering scandal. The Coalition has received investor transactions representing more than 5 billion DKK in losses and has so far certified and received mandates and detailed documentation to represent approximately 1.5 billion DKK in losses in its initial filing. The ISAF coalition estimates that an additional filing will be made on behalf of eligible investors in July 2020. The statute of limitations for eligible investors to join the litigation is September 4, 2020.

Volkswagen “Dieselgate” Litigation

On March 9, 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. The oral hearings focused primarily on the accuracy of VW’s financial statements and the incumbent disclosure obligations to investors. At the conclusion of the oral hearing, the Court offered its opinion that the diesel scandal created more disclosure obligations for VW, but it did not rule what those obligations were. Through December 2020, there are eight additional hearings scheduled. The next hearings will take place on September 8th and 9th, 2020, barring any complications and travel restrictions related to the worldwide Covid-19 pandemic situation.


GLOBALTRADING Q&A with Battea’s President

During Equities Leaders Summit in December, Battea’s President, Michael McCreesh, was interviewed by GlobalTrading. Mr. McCreesh talked through his transition after a 25-year career at Goldman Sachs, the importance of recovery in today’s markets, and what’s to be expected in 2020 and beyond. Read the Q&A today.

Help For Children Tenth Annual Poker Tournament

In January, Battea sponsored the Help For Children 2020 Tenth Annual Poker Tournament at Oracle Park in San Francisco, California. Battea joined other members in the Alternative Investment Community to help prevent and treat child abuse and poverty.

Third Annual FPPTA Honda Classic Tournament, Outing & Charity Event

In February, Battea hosted more than 40 golfers at PGA National in West Palm Beach, Florida. All the sponsors involved made a collective donation to the FPPTA Relief Fund in the amount of $3,345. The FPPTA Relief Fund is meant to provide financial assistance to our members in times of hardship.

Innovation & Excellence Awards 2020

Battea has been awarded Security Class Action Software Solutions Provider of the Year by Corporate LiveWire. The 2020 Innovation & Excellence Awards reviewed more than 90,000 businesses, corporate professionals, and contributors to nominate companies & individuals based on factors such as service, innovation, experience, sustainability and expertise.

M&A Today Global Awards 2020

Battea has been awarded Best in Investor Settlement Recovery 2020 – USA and Best in Hedge Fund Securities Class Action Settlement Recovery 2020 by M&A Today. The 2020 M&A Today Awards strive to be the World’s most coveted and complete awards programs, taking votes from over 163 countries globally. Each award winner is chosen on their domestic and international work.

International Specialist Business Awards 2020

Battea has been awarded Best in Investor Settlement Recovery 2020 – USA during A.I. Media’s International Specialist Business Awards. The International Specialist Business Awards recognize truly successful businesses and professionals on an international scale. Winners are selected from the world’s leading firms and professionals in global geographical regions, rewarding a variety of businesses who deliver outstanding levels of customer service and unparalleled specialist expertise in their field.

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 Battea, call us at (203) 987-4949, or email