In looking at new case activity over the course of this year, alongside the number of jurisdictions where cases were brought and the level of focus from investors, it is safe to say there hasn’t been a year quite like 2016 for those focused on securities class actions.

The year ends much as it began; namely, with a sharp focus on allegations against German automobile manufacturing giant, Volkswagen. Many within the market view Volkswagen as the bellwether action that will be looked at as the turning point for investors’ focus on opt-in actions around the globe. From an ISS perspective, more clients inquired to understand the details of this action than any other litigation in recent memory. While the outcome is still unknown, global investors are watching closely those firms pursuing their respective action.

The volume of cases pursued in ex-North American jurisdictions continues to grow, as evidenced in the Opt-In Litigation Table found below. The growing trend of multiple parties pursuing the same allegations against the same corporate entity appears to be on-going, with Volkswagen, Mitsubishi, Spotless Group Holding, and Tesco representing a few recent examples.

Moreover, the trend of one (or multiple) firm pursuing an action in the local jurisdiction while another firm (or firms) pursue a parallel action in the Netherlands is growing. While there are differing opinions on the reasons for this, an article by Deminor in the Third-Party Content section below sheds some light on this development.

2016 also saw three settlements in Australia (Gunns Limited, Newcrest Mining, and OZ Minerals), as well as the yet-to-be disbursed settlement against Royal Bank of Scotland. One common question heard from potential claimants is, “Do these cases ever pay out?” With the recent disbursements, potential claimants have further evidence of the value in participating in these actions.

Looking ahead to 2017, there is no reason to believe that the activity in ex-North American markets will do anything but move ahead full-steam. If you are invested in these markets, and do not have a plan of action in reviewing potential eligibility, please feel free to contact us to discuss what your peers are doing and how we can assist.

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