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Road to Recover Class Action Proceeds Grows More Complex for Investors, Broadridge 2021 Global Class Action Annual Report Highlights
New worldwide class action laws brought on by globalization and increased participation in opt-in litigation have led to increased complexity in class action asset recovery opportunities. As a result of these developments, institutional investors, wealth managers and lawyers are shifting their approach to class action asset recovery to better meet the growing opportunities for their clients.
Global asset recovery opportunities rose from $4 billion in 2019 to $6 billion in 2020—a 50% increase—and the average settlement amount (excluding ongoing litigation) doubled compared to 2019, according to a new comprehensive annual report released today by global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR). The 10 most complex cases from 2020 accounted for more than half of the total settlements from 2020, according to the latest Broadridge Global Class Action Annual Report.
“The trends in securities litigation are creating greater challenges for investors and lawyers to track and convert asset recovery opportunities because the cases are significantly more complex, global in nature and shifting to event-driven litigation,” said Steve Cirami, Head of Corporate Actions & Class Actions at Broadridge. “Derived from Broadridge’s comprehensive class actions database, this report highlights the trends and lessons learned from the most complex investor settlements of the year, providing perspective on recoveries that are possible.”
The Broadridge Global Class Action Annual Report offers an in-depth analysis of the 10 most complex class action recovery opportunities from 2020 involving financial instruments. Collectively, these settlements, excluding two cases currently pending, total over $3.4 billion. In all, Broadridge identified more than 450 newly filed class or collective actions worldwide related to investments in publicly traded securities, bringing the total number of active cases that have not settled to more than 1,000. In 2020 only 140 new settlements were reached to achieve that $6 billion in total recoveries. To read the study, please visit: Global Class Action 2nd Annual Report | Broadridge
Top 10 Most Complicated Cases
For each of the top 10 class actions, the report contains an in-depth analysis, including an overview of the allegations, administrative challenges, court, participants, settlement information and relevant dates.
- Valeant Pharmaceuticals Securities Litigation: $1.21 Billion USD and $94 Million CAD
- USD LIBOR Eurodollar Futures Settlement: $187 Million
- ARCP Securities Litigation: $1.025 Billion
- Canadian FX Price-Fixing Class Action: $109 Million CAD
- Wirecard AG: Pending Litigation
- First Solar Securities Litigation: $350 Million
- PG&E Corporations Securities Litigation: Pending Litigation
- Bondholder LIBOR Settlements: $68.625 Million
- Zimmer Biomet Holdings Securities Litigation: $50 Million
- GSE Bonds Antitrust Litigation: $386.5 Million
Report Methodology
The report covers important global securities and antitrust cases that involve both publicly traded financial instruments and recovery via a class action or collective redress mechanism. Broadridge evaluated cases in this report from the standpoint of a financial institution’s ability to recover its funds, or those of its investors or clients.
Complexity of the case is measured from a claim submission and administration standpoint based on these required tasks: the lift required to track and monitor the case; the challenges in housing, scrubbing and preparing the right data to make the claim; complexities in jurisdictional, judicial and/or filing requirements; complex or conflicting deadlines (e.g., more than one settlement, with different legal rights and deadlines); sophistication of the security/product at issue and the related underlying data needed to prove the claim; complexities in the loss calculation formula(s); competing litigations (multiple law firm/funder groups); and other factors influencing the expertise and work required to file a complete and accurate claim to recover assets.
This study is for informational purposes only and does not, and is not intended to, constitute investment, legal or any other advice of any kind.
Broadridge Class Action Services
Broadridge’s Global Securities Class Action Services anticipate and manage the class action recovery needs of financial services entities, providing industry-leading relationship management, technology, and data protection to support end-to-end class action claims recovery services. Services include:
- Accurate Identification – Broadridge built the only complete record date file for proxy, regulatory and corporate action events and added global reach, infrastructure, and technology to identify and capture all global securities class action cases.
- Broadridge tracks U.S. and international securities fraud class actions; antitrust class actions involving securities and complex financial products; international collective actions; U.S. SEC and DOJ enforcement actions and other “mass redress” cases that involve financial instruments.
- Industry Leading Technology – Technology platform analyzes and matches investment positions to identify recovery opportunities for each security relevant to each case and each investor.
- Filing Standards – Leveraging financial industry experts, data analysts, former securities litigators and administrators, and long-standing relationships with the leading claims administrators around the globe, Broadridge delivers accurate reporting of positions, trades and data customized to meet the requirements of every case and every settlement.
- Precise Allocation and Distribution – Process includes complete and accurate loss calculations for each claim, followed by a thorough reconciliation process through distribution of funds from the claim’s administrator– ensuring accurate allocation and subsequent distribution to our clients.
HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
“Our goal with these deposit bonus options is to empower traders of all levels,” said Christopher Oates, the spokesperson for FXGiants. “Under this scheme, we have diverse categories, including Bonus Maximiser, Booster Bonus, and the Bonus Advantage. These bonuses are designed to provide flexibility to clients as they trade on the FXGiants online trading platform.”
Exploring the FXGiants Bonus Options
The bonus options at FXGiants come with versatile advantages. The Bonus Maximiser provides a full 100% boost on all deposits without limit, whereas the Booster Bonus offers a 40% bonus on all deposits up to $4,000 for traders who want to moderately enhance their capital. On the other hand, the Bonus Advantage provides a 60% bonus on deposits up to $5,000, giving traders a better handle on risk. These bonuses enhance the trading experience on the FXGiants online trading platform.
“At FXGiants, we are committed to a trading environment that meets the evolving needs of our clients,” Oates added. “Our online trading platform is a robust ecosystem designed to support traders with advanced execution, extensive market insights, and continuous improvements. As we move forward, we will keep expanding our offerings to ensure that traders have access to the best resources and support.”
About FXGiants
FXGiants stands out as an international broker providing access to over 300 financial instruments across 6 asset classes. Traders can operate through the popular MetaTrader 4 platform, and benefit from exceptional trading conditions such as competitive spreads, flexible leverage, and fast execution. With deposit boosters, partnership programs, an educational blog, and account types tailored to both novice and experienced traders, FXGiants remains dedicated to delivering a one-stop trading solution.
Terms & Conditions apply. Bonus cannot be withdrawn.
All trading involves risk. It is possible to lose all your capital.
FXGiants is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
Website: https://www.fxgiants.com/
View original content:https://www.prnewswire.co.uk/news-releases/fxgiants-online-trading-platform-launches-bonus-initiative-to-reward-traders-302338463.html
BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-successfully-hosts-2024-mba-professor-training-program-for-western-china-302338458.html
VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
Wirex cards allow users to use VEUR and VCHF in various ways. Whether users receive payments in VEUR and/or VCHF, use them for remittances (including cross-border transactions), or sell digital assets for stablecoins instead of fiat, Wirex provides the simplest solution for spending in real life. Users can instantly convert their stablecoins into fiat currency and send them directly to their bank accounts, catering to those who prefer traditional banking options.
Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
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View original content:https://www.prnewswire.co.uk/news-releases/wirex-adds-veur-and-vchf-stablecoins-to-its-platform-for-seamless-spending-302338369.html
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