NEWS

MAY 2012

- The Hong Kong Law Reform announced the initial implementation stage of a consumer class action, however it did not include the timetable for investors.

MAY 2012

- The Facebook www.facebook.com IPO Market Makers's losses could total U$100 million according to claims by four of Wall Streets market makers Knight Capital, Citadel Securities, UBS AG, and Citi's Automated Trading Desk.

JAN 2011

- Asian Financial Forum in Hong Kong www.asianfinancialforum.com

DEC 2010

- The Italian court sentenced the founder and CEO of Parmalat to 18 years in jail and ordered the executives to repay over 2 Billion Euros and reimburse thousands of defrauded investors

DEC 2010

The trustee, Irving Picard http://www.madofftrustee.com,  charged with recovering funds for the victims of Bernard Madoff's multi-billion dollar fraud scheme has filed lawsuits seeking nearly $20bn (£12.6bn) in damages. 
He has also filed a lawsuit against HSBC for U$9 billion and similar suits against UBS Banks and JPS Morgan Chase

NOV 2010

- The US court set the deadline for all claims related to the Enron Corporation Fraud

SEPT 2010

- Toyota is facing over 89 Class action lawsuits over the braking problem on their cars

JULY 2010 

- The Deepwater Horizon oil spill was finally capped on the 15th July 2010

JUNE 2010

- Over 220 Lawsuits have been filed against BP  alone for the Deepwater spill

MAY 2010

- Over 130 Lawsuits have been filed against BP www.bp.com, Transocean www.deepwater.com, Cameron International Corporation , and Halliburton Energy Services

APRIL 2010 

- The Deepwater Horizon oil has a blowout  on the rig run by BP, Transocean, Cameron International Corporation www.c-a-m.com, and Halliburton Energy Services www.halliburton.com, and causes a massive oil spill in the gulf of Mexico

JAN 2010

- Toyota issues a recall for brake master problems

NOV 2009

- The Law Reform Commission http://www.hkreform.gov.hk in Hong Kong published a consultation paper arguing the case for the introduction of Class action litigation in Hong Kong

SEPT 2009  

- Raft attended SIBOS 2009  http://www.swift.com/sibos2009 in Hong Kong to meet with our clients and business partners across Asia.

DEC 2003

- Parmalat SpA (BIT: PLT), http://www.parmalat.com/en/ the international Italian dairy and food corporation collapsed in 2003 with a 14bn euro ($20bn; £13bn) deficit in its accounts and it is Europe's biggest bankruptcy to date.

JULY 2002

- The Sarbanes–Oxley Act of 2002 (Pub.L. 107-204) came into force on the 30th July 2002 , The bill was created as a result of a large number of major corporate frauds in the USA. The key companies involved were: Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. Due to the frauds committed investors lost billions of dollars, after the share prices of the companies collapsed. The public were outraged as it  destroyed investors confidence in the USA's securities markets.

DEC 2001

- Enron Corporation was discovered to have committed fraud and filed for bankruptcy