NOTABLE CASES
Top 2018 Year-to-Date Settlements & Disbursements
POSTED OCT 22 2018
Institutional investors and public pension funds are benefiting from an active year as it relates to shareholder settlements. This activity is due to a combination of securities class action litigation, both in the U.S. and across the globe, as well as SEC Disgorgements, and a record-breaking year for antitrust cases. In fact, the top 15 settlements of 2018 total a significant $10 billion in shareholder recoveries, which includes five antitrust cases that combine for $3.9 billion being returned to investors.
The below tables detail the top settlements and disbursements from 2018. Included in this list are several notable cases:
- Petrobras – fifth largest all-time securities class action settlement
- F/X Benchmark Rates – largest all-time antitrust settlement
- Ageas (f/k/a Fortis) – largest all-time settlement in Europe
- Tesco – second largest all-time settlement in the United Kingdom
- Wells Fargo – highly publicized sales scandal resulting in a relatively quick settlement
| 2018 – Top Settlements | ||||
|---|---|---|---|---|
| Rank | Case | Settlement Amount | Country | Settlement Date |
| 1 | Petrobras | $3,000,000,000 | United States | 25-Jun-18 |
| 2 | Foreign Exchange Benchmark Rates (Antitrust) | $2,310,275,000 | United States | Multiple |
| 3 | Ageas (f/k/a Fortis) | $1,542,014,910* | Netherlands | 13-Jul-18 |
| 4 | LIBOR-Based Financial Instruments (Antitrust) | $590,000,000 | United States | Multiple |
| 5 | ISDAfix Transactions (Antitrust) | $504,500,000 | United States | Multiple |
| 6 | Wells Fargo & Company | $480,000,000 | United States | 18-Dec-18 |
| 7 | Euro Interbank Offer Rate (Antitrust) | $309,000,000 | United States | 18-May-18 |
| 8 | Allergan, Inc. | $250,000,000 | United States | 14-Aug-18 |
| 9 | Euroyen-Based Derivatives (Antitrust) | $236,000,000 | United States | Multiple |
| 10 | Wilmington Trust Corporation | $210,000,000 | United States | 5-Nov-18 |
| 11 | LendingClub Corporation | $125,000,000 | United States | 20-Jul-18 |
| 12 | comScore, Inc. | $110,000,000 | United States | 7-Jun-18 |
| 13 | Tesco Compensation Scheme | $106,688,600** | United Kingdom | 30-Nov-18 |
| 14 | Halliburton Company | $100,000,000 | United States | 25-Apr-18 |
| 15 | SNC-Lavalin Group Inc. | $85,638,600*** | Canada | 31-Oct-18 |
| *This case settled for €1,308,500,000 **This case settled for £85,000,000 ***This case settled for CAD $110,000,000 “Multiple” settlement date is used as different defendants settled on different dates |
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| 2018 – Top Disbursements | ||||
|---|---|---|---|---|
| Rank | Case | Settlement Amount | Country | Disbursement Date |
| 1 | BP p.l.c. (SEC) | $525,000,000 | United States | 11-Sep-18 |
| 2 | State Street Indirect FX | $300,000,000 | United States | 8-Aug-18 |
| 3 | Salix Pharmaceuticals, Ltd. | $210,000,000 | United States | 10-Aug-18 |
| 4 | JPMorgan Chase & Co. | $150,000,000 | United States | 13-Mar-18 |
| 5 | Convergex Global Markets (SEC) | $109,440,738 | United States | 4-Apr-18 |
| 6 | Tesco Compensation Scheme | $106,688,600* | United Kingdom | 1-May-18 |
| 7 | Halliburton Company | $100,000,000 | United States | 17-Aug-18 |
| 8 | Lehman Brothers Holdings, Inc. | $99,000,000 | United States | 29-Aug-18 |
| 9 | Cliffs Natural Resources Inc. | $84,000,000 | United States | 23-Feb-18 |
| 10 | MGM Mirage (n/k/a MGM Resorts) | $75,000,000 | United States | 10-Jul-18 |
| 11 | Dana Corporation | $64,000,000 | United States | 6-Apr-18 |
| 12 | NII Holdings, Inc. | $41,500,000 | United States | 27-Apr-18 |
| 13 | St. Jude Medical, Inc. | $39,250,000 | United States | 15-Jun-18 |
| 14 | Treasury Wine Estates Ltd. | $38,893,750** | Australia | 1-Feb-18 |
| 15 | L-3 Communications (n/k/a L3 Technologies) | $34,500,000 | United States | 11-Jun-18 |
| *This case settled for £85,000,000 **This case settled for AUD $49,000,000 This table includes initial disbursements only and does not include residual or secondary disbursements |
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