Battea Q3 2023 Client Newsletter

KEY TAKEAWAYS

There’s more than $2.2B available to eligible investors in some of the largest securities class and collective action settlements around the globe with claims filing deadlines in the next three months.
In the recent “Securities Class Action Filings: 2023 Midyear Assessment” report from Cornerstone Research, there were 114 filings announced through H1 2023, in-line when compared to the same time in 2022 (115). Most of the filings in 2023 will be coming from the SPAC, COVID, cryptocurrency, and the 2023 banking turmoil.
Stichting Petrobras Compensation Foundation achieves pivotal ruling as Dutch Court issues interim judgement on merits of the fraud in favor of investors in long-running Petrobras securities litigation.

Battea Q3 2023 Client Newsletter:

ANTITRUST SETTLEMENT FUNDS WITH IMMINENT CLAIMS FILING DEADLINES

Settlement:	Settlement Fund:	Claims Filing Deadline:	Class Period:
SWISS LIBOR SETTLEMENT	$73,950,000	October 27, 2023	January 1, 2001 through December 31, 2011
EUROPEAN GOVERNMENT BOND ANTITRUST SETTLEMENT	$40,000,000	November 28, 2023	January 1, 2005 through December 31, 2016
EURIBOR SETTLEMENT	$105,000,000 (Partial)	November 30, 2023	June 1, 2005 through March 31, 2011
OTC USD LIBOR SETTLEMENT	$90,000,000 (Partial)	December 15, 2023	August 1, 2007 through May 31, 2010

SWISS LIBOR SETTLEMENT:
- ELIGIBLE CLASS: All persons or entities that purchased, sold, held, traded, or otherwise had any interest in Swiss-Franc Libor-Based Derivatives during the period of January 1, 2001, through December 31, 2011 (Class Period) that engaged in U.S.-based transactions in financial instruments that were priced, benchmarked, and/or settled to Swiss franc LIBOR.
- ELIGIBLE INSTRUMENTS: Swiss Franc LIBOR-Based Derivatives, which means any of the following entered into by a U.S. Person, or by a Person from or through a location within the U.S.: (i) a three-month Euro Swiss franc futures contract on the LIFFE; (ii) a Swiss franc currency futures contract on the CME; (iii) a Swiss franc LIBOR-based interest rate swap; (iv) an option on a Swiss franc LIBOR-based interest rate swap (“swaption”); (v) a Swiss franc currency forward agreement; and/ or (vi) a Swiss franc LIBOR-based forward rate agreement.

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).

EURIBOR SETTLEMENT:
- ELIGIBLE CLASS: All Persons that purchased, sold, held, traded, or otherwise had any interest in any Euribor Products during the class period, who were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, transacted Euribor Products in the United States or its territories, during the class period, including, but not limited to, all Persons who traded CME Euro currency futures contracts, all Persons who transacted in NYSE LIFFE Euribor futures and options from a location within the United States, and all Persons who traded any other Euribor Product from a location within the United States.
- ELIGIBLE INSTRUMENTS: “Euribor Products” means any and all interest rate swaps, forward rate agreements, futures, options, structured products, and any other instrument or transaction related in any way to Euribor, including but not limited to, New York Stock Exchange (“NYSE”) London International Financial Futures and Options Exchange (“LIFFE”) Euribor futures contracts and options, Chicago Mercantile Exchange (“CME”) Euro currency futures contracts and options, Euro currency forward agreements, Euribor-based swaps, Euribor-based forward rate agreements, and/or any other financial instruments that reference Euribor.

OTC USD LIBOR SETTLEMENT:
- ELIGIBLE CLASS: All persons and entities who, during the Class Period, directly purchased or owned U.S. Dollar LIBOR based instruments directly from named defendants and you were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, transacted within the United States.
- ELIGIBLE INSTRUMENTS: U.S. Dollar LIBOR-Based Instruments, which are instruments that include any term, provision, obligation, or right to be paid or to receive interest based upon the U.S. Dollar LIBOR rate. These include, but are not limited to, the following: Asset Swaps. Collateralized Debt Obligations (“CDOs”), Credit Default Swaps (“CDSs”), Forward Rate Agreements (“FRAs”), Inflation Swaps, Interest Rate Swaps, Total Return Swaps, Options, and Floating Rate Notes. Only U.S. Dollar LIBOR-based instruments that were sold in over-the-counter transactions with a Defendant (or a Defendant’s subsidiaries or affiliates) (OTC transactions) are included in the Settlements.

UPCOMING ANTITRUST SETTLEMENT

PRIME BROKER SECURITIES LENDING SETTLMENT (STOCK LOAN):
- Prime Broker Securities Borrowing and Lending Settlement Increases to $580 Million

On August 23, 2023, plaintiffs’ counsel for a significant antitrust class action against stock lending prime brokers, filed a motion for preliminary approval of a $499 million settlement with four of the defendants. The filing followed last year’s $81 million settlement deal with co-defendant and securities lending primer broker Credit Suisse.

The antitrust class action was initiated in 2017 against major lending brokers for alleged efforts to block new entrants into the market who might provide more competitive services and prices. (Iowa Pub. Emps’ Ret. Sys. v. Bank of Am. Corp., Case No. 1:17-cv-06221 (S.D.N.Y. Aug 16, 2017)). The complaint argued that the defendants’ conduct injured traders by causing them to borrow or loan securities at unfair prices.

The settlements totaling $580 million resolve claims with five of the six primary bank defendants with one remaining non-settling defendant.

No details on a proposed claim administration process have been released or court approved.

Battea Q3 2023 Client Newsletter:

EQUITIES SETTLEMENT FUNDS WITH IMMINENT CLAIMS FILING DEADLINES

Settlement:	Settlement Fund:	Claims Filing Deadline:	Class Period:
WELLS FARGO & COMPANY	$300,000,000	August 21, 2023	November 3, 2016 through August 3, 2017
KRAFT HEINZ COMPANY FAIR FUND	$62,314,211	August 31, 2023	February 26, 2016 through February 21, 2019
NUTANIX, INC.	$71,000,000	September 6, 2023	November 30, 2017 through May 30, 2019
WELLS FARGO & COMPANY	$1,000,000,000	October 5, 2023	February 2, 2018 through March 12, 2020
THE KRAFT HEINZ COMPANY	$450,000,000	October 10, 2023	November 6, 2015 through August 7, 2019
RBS SECURITIES FAIR FUND	$153,754,774	October 31, 2023	May 4, 2007 through August 27, 2007

WELLS FARGO & COMPANY:
- ELIGIBLE CLASS: All persons other than Defendants who purchased or otherwise acquired common shares of Wells Fargo between November 3, 2016 and August 3, 2017.
- ELIGIBLE INSTRUMENTS: Wells Fargo common shares

KRAFT HEINZ COMPANY FAIR FUND:
- ELIGIBLE CLASS: All persons and/or entities who purchased or acquired Kraft Heinz Common Stock during the period from February 26, 2016 until the market close on February 21, 2019 (the “Relevant Period”).
- ELIGIBLE INSTRUMENTS: Kraft Heinz common stock is the only security eligible for recovery under the terms of the Distribution Plan

NUTANIX INC.:
- ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Nutanix Inc., between November 30, 2017 and May 30, 2019.
- ELIGIBLE INSTRUMENTS: Nutanix common stock

WELLS FARGO & COMPANY:
- ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Wells Fargo & Company between February 2, 2018 and March 12, 2020.
- ELIGIBLE INSTRUMENTS: Wells Fargo common stock

THE KRAFT HEINZ COMPANY:
- ELIGIBLE CLASS: All persons and entities other than Defendants who purchased or otherwise acquired the Kraft Heinz Company common stock or call options on Kraft Heinz common stock, or sold put options on Kraft Heinz common stock, from November 6, 2015 through August 7, 2019.
- ELIGIBLE INSTRUMENTS: Kraft Heinz Company common stock, and call and put options on Kraft Heinz Company common stock.

RBS SECURITIES FAIR FUND:
- ELIGIBLE CLASS: All persons other than Defendants who purchased Eligible Certificates from the time of the initial offering of the Eligible Certificates on May 4, 2007, through and including August 27, 2007, the date of the issuance of the August 2007 monthly distribution report to investor by the securities administrator for the Soundview Trust.
- ELIGIBLE INSTRUMENTS: “Eligible Certificates” shall mean the certificates in the Soundview Home Loan Trust Asset 2007-OPT1. *NOTE: Battea is requesting ALL related trading data in this fair fund. Battea will file and track the claim to ensure you will receive your maximum recovery possible.

Battea Q3 2023 Client Newsletter:

INTERNATIONAL LITIGATION UPDATES

Petrobras “Lava Jato” Litigation

Big Step Towards Compensation for International Shareholders and Investors Against Petrobras in EU-Based Class Action in Netherlands Court

After 7 years of litigation and almost falling off the investment community’s radar, the Stichting Petrobras Compensation Foundation—supported by many international Petrobras shareholders and bondholders—achieves an important Interim Judgment in a Dutch court on several counts, including fraud, against oil giant Petrobras.

On July 26, 2023, the Stichting Petrobras Compensation Foundation (“Foundation”) prevailed substantially in its Dutch securities litigation on behalf of investors who purchased Petróleo Brasileiro S.A. (“Petrobras”) common (PETR3) and preferred (PETR4) shares directly on the Brasil Bolsa Balcão S.A. – Brazil (formerly BM&FBOVESPA) (or “B3”) and also investors who purchased bonds listed on Annex A hereto (together the “International Class”) against Brazilian oil giant Petrobras, exposing Petrobras to monetary damages claims for billions of dollars. The decision relates to the longstanding international securities litigation captioned Stichting Petrobras Compensation Foundation v. Petróleo Brasileiro SA, et. al., Case No. C/10/526115/HA ZA 17-440 (the “Litigation”) arising in connection with the infamous “Operação Lava Jato,” or Operation Car Wash, scandal. Operation Car Wash centered around a Brazilian political corruption scandal that began unraveling in 2014 which resulted in the indictment of dozens of high-level businesspeople, prominent companies, and politicians as part of a widespread fraud and money laundering investigation into the billions of dollars that had been kicked back to politicians and officials of Petrobras, Brazil’s majority-state-owned oil company.

Read the Full Story

SPCF urges any impacted investor that has not yet registered to contact ISAF as soon as possible. For more information, contact your Battea Account Manager.

Battea Q3 2023 Client Newsletter:

PARTNER SPOTLIGHT

Battea Announces New Partnership with SimCorp

In June 2023, Battea announced a partnership with SimCorp, a provider of investment management solutions. With this collaboration, SimCorp clients will now be able to maximize their class action recovery across a range of security types.

Anders Kirkeby, Head of Open Innovation at SimCorp comments: “At SimCorp, we identify partner options that can deliver superior service and investment outcomes. Battea is one such partner, and given their service covers the entire claims filing process and is paid for via a contingency fee-based model, it doesn’t compete for budget or internal bandwidth. Connected with the SimCorp platform, Battea will provide SimCorp clients with improved class and collective action antitrust and securities litigation recovery services immediately.” More information on SimCorp services can be found at simcorp.com.

Read the Full Press Release.

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.