DRRT continues its forward momentum by adding Spain to the extensive list of countries in which it operates via involvement in the ongoing criminal proceedings against Abengoa seeking recovery for losses arising out of the company’s accounting fraud and manipulation.
As a result of Abengoa’s blatant accounting manipulation, in January 2017 the Spanish firm IUS + AEQUITAS, a member of the Diaz, Reus & Targ (DRT) International Law Firm & Alliance, filed a criminal complaint on behalf of hundreds of affected investors seeking losses against Abengoa and others including its former president, CEO,and auditor Deloitte. DRRT is working directly with IUS + AEQUITAS to add affected investors to the criminal proceeding during the current investigation phase on a risk-free, “no win, no fee” basis.
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Topics:
Global Loss Recovery,
complaint,
corporategovernance,
corporate governance,
institutional investor,
lawsuit,
legal
On Saturday, September 11, 2021, DRRT's Director and Assistant Managing Partner, Joseph Gulino spoke at the Cambridge International Symposium on Economic Crime.
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Topics:
Symposium,
discussion,
whisteblower,
Economic Crime,
lawfirm
To opt-out, that is the question. An opt-out action is when an investor chooses to remove itself as a class member of a securities class action suit with the intention of filing a direct action against the defendant. There are many reasons why it may be advantageous for an investor to proceed in this manner. As we have had an abundance of experience with direct action opt-outs, if the damages are large enough, this will likely be the best course of action for the institutional investor.
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Topics:
U.S. Securities Class Actions,
Class Action,
litigation,
institutional investor,
claims,
Opt-out
Globally, whistleblowers are afforded greater protections today than ever before, but the threats that come along with unveiling corruption still prevent people from coming forward. The United States offers a great body of laws and protections for whistleblowers, more than any other country, and this is reflected in the number of whistleblower reports and also the amount of awards granted each year. EU member states, including Germany, are also implementing new protections for whistleblowers, but lag behind their American counterparts. Overall corporate governance guidelines and trends have had an effect on the whistleblowing industry as people are encouraged to come forward from inside any affected companies. However, although there is some progress in certain geographic locations, the world needs to encourage whistleblowers to come forward and report wrongdoing. The result will be a better and more sustainable world.
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Topics:
Global Loss Recovery,
institutional investor,
whisteblowers,
legal,
SEC
On March 23, international law firm DRRT hosted an online webinar called “Whistleblowers and Reporters: Importance of Access to Information.” DRRT mainly focuses on litigation outside of the U.S., where discovery is not possible. The firm stressed the importance that both whistleblowers and journalists have in releasing information critical for investors’ efforts to recover from damages the investors have incurred. The virtual event featured Jonathan Taylor, a whistleblower who exposed corruption and bribery in Dutch company SBM Offshore. The webinar also included Georgina Halford-Hall, chief executive of not-for-profit organization WhistleblowersUK, John Kostyack of the National Whistleblower Center (NWC), Lord Cromwell of the House of Lords in the UK, and Tom Warren, a forensic journalist from BuzzFeed News.
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Topics:
loss recovery,
investors,
whisteblowers,
article,
reporters,
webinar,
petrobras,
uk
Copenhagen, Denmark: On Monday, September 21, 2020, Danish boutique litigation firm KLAR Advokater filed a fifth and final round of complaints against Danske Bank A/S for damages on behalf of 55 institutional investors clients of DRRT and Grant & Eisenhofer. With this additional round of claims totaling over DKK 1.071 billion (€144 million/$169 million) the total amount of the DRRT/G&E group of claims comes to DKK 6.786 billion (€912 million/$1.071 billion) and the number of claimants to 303. The cases were filed in the Copenhagen City Court.
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Topics:
litigation,
shareholders,
investors,
danskebank,
claims,
lawsuit
In another example of DRRT's commitment and support of our local community in the challenging times surrounding the COVID-19 pandemic, DRRT made a financial contribution of the Boys and Girls Clubs of Miami-Dade in late April 2020. The contribution will allow The Boys and Girls Clubs of Miami-Dade to continue serving the younger citizens of our community during these challenging times.
DRRT will continue to support our local community and we thank our clients who make this possible.
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Topics:
corporate social responsibility,
COVID-19,
Support,
Community
DRRT is committed in supporting our local community in the challenging times surrounding the COVID-19 pandemic. DRRT is proud to support the efforts of the Lotus House in providing shelter for women, youth, and children. DRRT’s donations served to stock up on supplies, additional staff, and an increased number of meals served as the shelter in place order was issued.
DRRT will continue to support our local community and we thank our clients who make this possible.
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Topics:
corporate social responsibility,
COVID-19,
Support,
Community
DRRT’s Assistant Managing Partner, Joseph Gulino had the pleasure of speaking at the Sovereign Wealth Fund Institute’s 2020 Institute Fund Summit in Austin, TX. The panel, “Corporate Governance and Shareholder Engagement” discussed some of the corporate governance measures that institutional investors have at their disposal as well as the importance of litigation as a means of shareholder engagement.
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Topics:
Class Action,
shareholders,
swfi,
stewardship,
corporategovernance,
ESG,
compliance,
litigation funding
As 2019 comes to an end, we are looking forward to the New Year with legal developments in the securities litigation world. As part of our ongoing commitment to be the leaders in covering global developments of interest for our institutional clients, we would like to highlight the new Dutch Act on Collective Damages Claims (Wet Afwikkeling Massaschade in Collectieve Actie; short: WAMCA). The WAMCA will finally enter into force on January 1, 2020 and complement the preexisting act on collective settlements of mass claims (WCAM). The WAMCA will cover collective damages actions for claims resulting from conduct that took place after November 15, 2016, the date that the legislative proposal was submitted to the Dutch Parliament. After various amendments, the WAMCA was finally approved in March 2019.
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Topics:
law,
shareholders,
newsletter,
WAMCA,
investors,
netherlands,
dutch
