Cases in the News
An overview of securities class action settlements, opt-in litigations and disbursements alongside illustrative indices covering both new cases and historical settlements.
This month’s “Spotlight” section highlights four cases currently in the news. These cases reinforce the continued flurry of class actions activity taking place in early 2018 and the outlook for investor recoveries.
Yahoo! – $80 Million Tentative Settlement
An $80 million settlement was announced in early March and stems from the well-publicized Yahoo! data breach of user accounts from a few years ago. This is a significant case as it is the first substantial data breach-related shareholder lawsuit recovery. As a recap, Yahoo! announced two data breaches back in 2016; the court complaint alleges that following the company’s September 2016 disclosure, the stock price declined more than 3%, and following the company’s December’s 2016 disclosure, the stock price further declined by more than 6%. This case’s court location is USDC-California (Northern) and is being led by co-lead counsel firms Pomerantz and Glancy Pronger & Murray. Click here to view the case factsheet.
comScore – $110 Million Settlement
This large settlement is a combination of cash ($27,231,527) and stock ($82,768,473) and settles allegations of accounting fraud against the data and metrics provider for media, advertising, and marketing industries. The case’s court location is USDC-New York (Southern) and has an upcoming claim deadline date of May 29th. Eligible shareholders will include both those of comScore and Rentrak Corporation. As such, it is critically important for investors to review all eligible security id’s and the class definition. Bernstein Litowitz Berger & Grossmann was the lead counsel.
Foreign Exchange Benchmark Rates Antitrust Litigation – $2.3 Billion Settlement
By now, most investors are aware of the Foreign Exchange Benchmark Rates case due to its size, scope, uniqueness, and complexity. In fact, SCAS created a factsheet on its website to keep investors up-to-date, and hosted a webinar in September 2017 with co-lead counsel Scott + Scott. During the past few months, SCAS has filed thousands of claims within this settlement on behalf of hundreds of institutional investors. Just recently there was good news for investors who have been unable to obtain the required historical data to participate within this settlement. Recently, the initial claim deadline date of March 22nd
3D Systems Corporation – $50 Million Settlement
Most readers are aware of the low settlement totals from 2017. In fact, less than a dozen cases settled for $50 million or higher. Thus, the 3D Systems settlement brings welcome relief to shareholders. The original filing date was June 12, 2015 and the upcoming claim deadline date is July 11th. Interestingly, the institutional lead plaintiff is KBC Asset Management NV, a Belgium based organization. The case’s court location is USDC-South Carolina and was led by co-lead counsel firms Robbins Geller Rudman & Dowd and Motley Rice.