Battea Q1 2024 Client Newsletter

KEY TAKEAWAYS

In the recent Securities Class Action Settlements Report from Cornerstone Research, “The [2023] median settlement amount of $15.0 million marked the highest level since 2010…the average settlement amount ($47.3 million) increased by 25% over 2022.”
Immediate data request required for $580,008,750 Stock Loan Antitrust Settlement.
There is more than $1B available to eligible investors with claims filing deadlines in the next three months.
Recent developments in the Petrobras “Lava Jato” Litigation in the Netherlands & International FX Litigations.

Battea Q1 2024 Client Newsletter:

ANTITRUST SETTLEMENT FUNDS WITH RECENT AND/OR UPCOMING CLAIMS FILING DEADLINES

Settlement:	Settlement Fund:	Claims Filing Deadline:	Class Period:
STOCK LOAN ANTITRUST SETTLMENT	$580,008,750	July 8, 2024	January 7, 2009 through August 22, 2023
EUROPEAN GOVERNMENT BOND ANTITRUST SETTLEMENT	$40,000,000	March 24, 2024	January 1, 2005 through December 31, 2016

STOCK LOAN ANTITRUST SETTLEMENT:
- Data Request Required for $580,008,750 Stock Loan Antitrust Settlement

As a result of additional bank settlements:

- - - The filing deadline is July 8, 2024.
    - The settlement fund has increased from $81 million to $580+ million.
    - The class period has been expanded: Jan. 7, 2009 through Aug. 22, 2023.

The data required to file a claim in this Stock Loan settlement is unique, and not included in the data sets you have previously provided. Therefore, we are asking that you provide the information listed below as soon as possible, but no later than June 15th.

This will allow us to ensure that your data is complete, tracked, analyzed, verified, and timely filed with the Claims Administrator.

- ELIGIBLE CLASS: All Persons who, directly or through an agent, entered into Stock Loan Transactions with the Prime Broker Defendants (Goldman Sachs, Morgan Stanley, JPMorgan, UBS, EquiLend LLC, Credit Suisse, or Bank of America Merrill Lynch) direct or indirect parents, subsidiaries, or divisions of the Prime Broker Defendants in the United States from January 7, 2009 through the Execution Date (the “Settlement Class Period”), inclusive. Excluded from the Settlement Class are Defendants and their employees, affiliates, parents, and subsidiaries, whether or not named in the Amended Complaint, entities which previously requested exclusion from any Class in this Action, and the United States Government, provided, however, that Investment Vehicles shall not be excluded from the definition of the Settlement Class.
- ELIGIBLE INSTRUMENTS: “Stock Loan Transactions” means any transaction, including any transaction facilitated by a prime broker, agent lender, or other Person, in which a holder of a stock temporarily lends the stock in exchange for collateral or in which a borrower of a stock provides collateral to temporarily borrow a stock, and in which the stock is ultimately returned to the lender at a later date, at which time the lender returns the collateral to the borrower. For the avoidance of doubt, “Stock Loan Transactions” include the facilitation of short positions, but do not include non-equity securities lending or stock repurchase (repo) transactions.
  - Transactions with Defendants in which you were a Borrower or Lender include:
    - Open Stock Loan Transactions: Treated as separate transactions for each day the stock remains on loan.
    - Term Stock Loan Transactions: Treated as if they were separate transactions for each day for the length of the term of the loan. If the stock loan remains open after the term, it should be treated as an Open Stock Loan as described above.
    - Nonconforming or unusual Stock Loan Transactions: May be submitted if accurate values for the terms reflective of the economic reality of the transaction, may be determined.
  - Stock Loan Transaction Fields required:
    - Each Stock Loan Transaction must have one and only one of each of the following terms or characteristics:
      - Transaction Date (with separate transactions for each day of Open loans).
      - Indicator if you were a Borrower or Lender in the transaction.
      - Corporate family of Defendant which was the Counterparty to the transaction.
      - CUSIP or CINS Identifier of the stock in the loan transaction
      - Quantity of Shares of stock in the loan transaction.
      - Value of posted collateral, expressed in U.S. dollars at cash value (for cash and cash-equivalents) or end-of-day mark-to-market value (for non-cash securities)
      - CUSIP for posted collateral where appropriate.
      - Indicator whether the transaction’s loan cost was expressed as a rebate or fee.
      - Rebate or fee term (not both) expressed as an interest rate in annualized basis points (bps) on the amount of posted collateral (for rebates) or on the quantity of stock borrowed or loaned times the end-of-day mark-to-market price of the stock in U.S. dollars (for fees).
  - NOTE: The Settlement Administrator may request copies of loan documentation or other documentation to substantiate and support Stock Loan Transactions that are included as part of your claim. Failure to provide this required documentation for any Stock Loan transaction, if requested by the Settlement Administrator, will be grounds for it to reject your claim in whole or in part.

EUROPEAN GOVERNMENT BOND ANTITRUST SETTLEMENT:
- ELIGIBLE CLASS: All persons and entities who or which purchased or sold one or more European Government Bond(s) in the United States directly from a Defendant or a direct or indirect parent, subsidiary, affiliate, or division of a Defendant, or any of their alleged co-conspirators, from January 1, 2005, through December 31, 2016 (the “Class Period”).
- ELIGIBLE INSTRUMENTS: “European Government Bonds” means euro-denominated sovereign debt or bonds issued by European governments (e.g., Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain)

Battea Q1 2024 Client Newsletter:

EQUITIES SETTLEMENT FUNDS WITH RECENT AND/OR UPCOMING CLAIMS FILING DEADLINES

Settlement:	Settlement Fund:	Claims Filing Deadline:	Class Period:
ENVISION HEALTHCARE CORP.	$177,500,000	April 8, 2024	February 3, 2014 through October 31, 2017
BECTON DICKINSON	$85,000,000	June 14, 2024	November 5, 2019 through February 5, 2020
NOVAVAX, INC.	$47,000,000	May 18, 2024	May 11, 2021 through October 19, 2021
REATA PHARMACEUTICALS, INC.	$45,000,000	April 24, 2024	November 14, 2016 through December 8, 2021
BOSTON SCIENTIFIC CORP.	$38,500,000	May 28, 2024	September 16, 2020 through November 16, 2020
JAMES RIVER GROUP HOLDINGS	$30,000,000	June 25, 2024	February 22, 2019 through October 25, 2021
GOHEALTH, INC	$29,250,000	June 12, 2024	July 14, 2020 through January 10, 2021
FIBROGEN, INC.	$28,500,000	June 12, 2024	December 20, 2018 through July 15, 2021
CARBONITE INC.	$27,500,000	June 21, 2024	October 18, 2018 through July 25, 2019
TORONTO DOMINION BANK	$22,000,000 CAD	May 13, 2024	December 3, 2015 through March 9, 2017

ENVISION HEALTHCARE CORP.:
- ELIGIBLE CLASS: All persons other than defendants who purchased or otherwise acquired the common stock of Envision Healthcare Corporation (f/ka Envision Healthcare Holdings, Inc) between February 3, 2014 and October 31, 2017, including common stock purchased or otherwise acquired in or traceable to the December 1, 2016 merger between AmSurg Corp. and Envision Healthcare Holdings, Inc., pursuant to sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934, and Sections 11, 12(a(2) and 15 of the Securities Exchange Act of 1933.
- ELIGIBLE INSTRUMENTS: Envision Healthcare Corporation common stock.

BECTON DICKINSON:
- ELIGIBLE CLASS: All persons and entities excluding the defendants who purchased or otherwise acquired Becton, Dickinson and Company common stock or call options, or sold put options during the period from November 5, 2019, through and including February 5, 2020, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- ELIGIBLE INSTRUMENTS: Becton, Dickinson and Company common stock or call options, or sold put options.

NOVAVAX, INC.:
- ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Novavax, Inc. between May 11, 2021 and October 19, 2021, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- ELIGIBLE INSTRUMENTS: Novavax, Inc. common stock.

REATA PHARMACEUTICALS, INC. CORP.
- ELIGIBLE CLASS: All persons and entities other than Defendants who 1) purchased or otherwise acquired the common stock of Reata Pharmaceuticals, Inc. pursuant and/or traceable to the Company’s 2019 stock offering and/or 2020 stock offering, seeking to pursue remedies under Sections 11, 12 and 15 of the Securities Act of 1933, and/or 2) purchased or otherwise acquired the publicly traded securities of Reata Pharmaceuticals, Inc. between November 14, 2016 and December 8, 2021, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- ELIGIBLE INSTRUMENTS: Reata Pharmaceuticals, Inc. common stock.

BOSTON SCIENTIFIC CORP.:
- ELIGIBLE CLASS: All persons and entities excluding the defendants, who bought or otherwise came into possession of Boston Scientific Corporation publicly traded securities from September 16, 2020, through November 16, 2020. The defendants are charged with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- ELIGIBLE INSTRUMENTS: Boston Scientific Corporation common stock.

JAMES RIVER GROUP HOLDINGS:
- ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of James River Group Holdings, Ltd. between February 22, 2019 and October 25, 2021, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- ELIGIBLE INSTRUMENTS: James River’s common stock.

GOHEALTH, INC:
- ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the Class A common stock of GoHealth, Inc. pursuant and/or traceable to the registration statement issued in connection with GoHealth’s July 2020 initial public offering, seeking to pursue remedies under Sections 11 and 15 of Securities Act of 1933.
- ELIGIBLE INSTRUMENTS: GoHealth, Inc. Class A common stock.

FIBROGEN INC.
- ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Fibrogen, Inc. between December 20, 2018 and July 15, 2021, pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
- ELIGIBLE INSTRUMENTS: Fibrogen, Inc. common stock.

CARBONITE INC.
- ELIGIBLE CLASS: All persons and entities excluding the defendants, who bought or otherwise came into possession of the publicly traded securities of Carbonite, Inc. between October 18, 2018, and July 25, 2019.
- ELIGIBLE INSTRUMENTS: Carbonite, Inc. securities.

TORONTO DOMINION BANK:
- ELIGIBLE CLASS:
  - Primary Market Sub-Class: All persons and entities, wherever they may reside or may be domiciled, who, from December 3, 2015 to March 9, 2017 (inclusively), acquired the Toronto-Dominion Bank’s securities in an Offering and held some, or all of those securities until the end of the Class Period; and
  - Secondary Market Sub-Class: All persons and entities, wherever they may reside or may be domiciled, who, from December 3, 2015 to March 9, 2017 (inclusively), acquired the Toronto-Dominion Bank’s securities in the secondary market and held some, or all of those securities until the end of the Class Period; and
    - are residents in Canada or were residents in Canada at the time of such acquisition, regardless of the location of the exchange on which they acquired the Toronto-Dominion Bank’s securities; or
    - acquired the Toronto-Dominion Bank’s securities in the secondary market in Canada or elsewhere other than in the United States.
- ELIGIBLE INSTRUMENTS: Toronto-Dominion Bank securities.

Battea Q1 2024 Client Newsletter:

INTERNATIONAL LITIGATION UPDATES

ISAF-Petrobras “Lava Jato” Litigation

ISAF-Petrobras provides funding for a Dutch Foundation that filed a shareholder lawsuit against Petrobras in 2017. The Dutch Foundation independently litigates on behalf of a class of investors who purchased Petrobras securities on non-US markets, who also did not pursue arbitration claims against Petrobras in Brazil or elsewhere. The Petrobras investor class that the Dutch Foundation represents is estimated to have damages claims of more than USD 20 billion (a class damages estimate that excludes Brazilian government owned shares and an estimate of the claims subject to arbitration).

Over the course of the litigation, the District Court in Rotterdam has repeatedly affirmed the jurisdiction and standing of the Foundation. In July 2023, the Court issued an interim judgement on the merits in favor of the Foundation, finding that Petrobras acted unlawfully against investors. The Court has postponed a final ruling until resolving the question of whether investors’ damages qualify as “direct” damages.

The Court first sought guidance on this issue from a legal research institute in The Hague. In October 2023, the Court was informed that the legal institute did not have the resources available to issue a report. In December 2023, the Court instructed the Foundation and Petrobras to have their own experts report on this issue. The Court may provide a final ruling after reviewing the parties’ submissions. It is also possible that the Court will later appoint an independent expert to opine on the matter. Battea is expecting further guidance or a ruling by mid-year 2024.

ISAF and the Foundation are optimistic that the Court will agree that investors were directly damaged pursuant to already determined and ruled upon fraudulent acts, disclosures and omissions perpetrated by the Petrobras defendants. We expect that a final ruling will provide a path for damaged investors to recover losses in either;

Subsequent damages litigations for which ISAF will continue to provide administration and funding,
Pursuant to a final ruling, a voluntary settlement between the Foundation and Petrobras.

For more information, contact your Battea Account Manager.

ISAF-Volkswagen & ISAF-Danske Bank Litigations

Regarding the ISAF-Volkswagen and ISAF-Danske Bank litigations, there are no updates to the registration deadlines. Both cases are past the SoL and participation is no longer an option.

International FX Litigation

Three major FX litigations remain active the Netherlands, United Kingdom, and Australia. The litigations in each of these jurisdictions have unique participation requirements and deadlines. Battea can assist impacted clients in the decision making and claim filing processes. However, it is critical that clients respond now to determine eligibility and take steps to preserve claims. As detailed below, FX traders are advised to provide trade records for assessment in advance of an April 30, 2024 time bar.

Factual Background
In 2019, the European Commission (EC) adopted two decisions finding certain banking groups participated in foreign exchange (FX or forex) spot trading cartels. The scheme concerned spot trading in the G10 currencies and covered the whole of the European Economic Area (EEA). The Relevant Period is from December 18, 2007, to January 31, 2013.

The EC found that traders employed by the banks, who were involved in FX spot trading, had reached an underlying understanding to exchange, and had exchanged, current or forward-looking commercially sensitive information about their trading activities with respect to FX spot trading of G10 currencies through private, online chat rooms. It also found that the information was shared on an extensive and recurrent basis and that, in addition, the traders occasionally coordinated their trading activities.

The Initial UK Litigation
In 2019, a claim was filed in the UK Competition Appeal Tribunal (CAT) against 16 banks accused of rigging FX rates (Portal No. 16163). The claim relies on the EC’s decisions and alleges that entities or individuals who entered into FX Spot Transactions and/or FX Outright Forward Transactions during the Relevant Period, involving a pair of G10 Currencies with these banks or other major financial institutions suffered losses as a result of the cartels identified by the EC. The claim seeks damages to compensate those FX traders who suffered losses.

The litigation was filed as a class action with a proposed lead representative, allowing all other putative class members to remain passive and anonymous. Generally, class members are those who traded the above-referenced FX instruments through the EEA between 2007 and 2013. After addressing several procedural issues, the CAT ruled the action could not proceed on a (opt-out) class basis. The ruling evidenced the CAT’s unfavorable view on the litigation and cast doubts on the viability of a path forward for harmed FX traders.

The Dutch Litigation
Because of the unfavorable CAT decision and subsequent risks associated with the UK litigation, similar FX litigation was filed in the Netherlands by a separate coalition (Portal Case No. 17431). The attorneys and funders organizing the litigation believed that the Dutch courts would be a more a favorable forum for FX traders. The litigation remains open for participation but has a possible claim bar deadline of April 30, 2024.

The Two European Litigations Create Options
Recently, the CAT’s ruling in the UK litigation was overturned. A class representative has tentatively been appointed and UK-based class members can remain passive (proceed on an opt-out basis). Eligible non-UK-based FX traders are tentatively also included. However, it is expected they will need to opt-in to the claim at a later date.

The Australian Litigation
In 2019, FX litigation like the European litigation was filed in Australia (Portal Case No. 16194). However, instead of trading through Europe, eligibility requires FX spot and forward transactions through Australia. Further, the Australian litigation includes more currency pairs than the European litigation and involves a slightly altered Relevant Period. The Australian litigation has been proceeding as an (opt-out) class action where class members do not need to do anything to be included. However, the court recently announced it would “close the class.” This means eligible investors will soon need to register their interest in the litigation to be included, should the case later resolve. The court has not yet set a deadline or approved the details on the registration requirements.

Recommended Next Steps
Battea’s recommendation is for FX traders to provide relevant trade records as soon as possible. Battea will analyze the records to determine eligibility for one or more of the FX litigations. Eligible clients can then use the information to make a more informed decision on whether to act in any of the litigations. Because the first known deadline for any of the litigations is April 30, 2024, clients should provide trade records as soon as possible in advance of this deadline.

For more information, contact your Battea Account Manager.

Battea Q1 2024 Client Newsletter:

PARTNER SPOTLIGHT

Battea Announces New Partnership with Eze Marketplace

SS&C Eze

In Q4 2023, Battea announced a partnership with SS&C Eze, who for more than 25 years has delivered highly configurable, expansive software and services designed to optimize alpha across the entire investment process. Through this new partnership, Battea is now a Eze Marketplace Partner.

Learn more about the Eze Marketplace today.

Reminder: The main ingredient in a successful filing is the data – in this case your data!

If you have any questions about how you can ensure that we have all of your eligible transactional data, please contact your customer service representative or call at (203) 987-4949.