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D&O litigation digest: Former Citi trader suing bank over forex allegations

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D&O litigation digest: Former Citi trader suing bank over forex allegations

The number of securities-related lawsuits filed in the U.S. has been rising rapidly in recent years, particularly after M&A transactions and other significant corporate developments are announced.

S&P Global Market Intelligence tracks these cases filed against companies in our covered industries. The following information is compiled on a best-efforts basis twice monthly.

Banks

Former Citigroup Inc. trader Rohan Ramchandani is suing the bank for allegedly framing him in a global foreign exchange market manipulation case. Ramchandani said Citigroup made "false, and gravely derogatory, assertions against him" to the media and to government investigators.

Pharmaceuticals

Israel-based Taro Pharmaceutical Industries Ltd. is facing a lawsuit from Aclaris Therapeutics Inc. and its partner Allergan PLC over alleged infringement on certain patents of their skin cream Rhofade, which is used to treat rosacea. Taro is aiming to market a generic version of the drug in the U.S.

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Cannabis producer Sundial Growers Inc. is facing a lawsuit for allegedly breaching securities laws related to disclosures in its IPO filing. The lawsuit is based on what the company described as an incorrect news report saying about 554 kilograms of the company's product was returned by a client, an event that was not disclosed by the company in its IPO filing.

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Bausch Health Cos. Inc. sued Novartis AG unit Sandoz Inc. for allegedly violating and infringing 14 patents related to its gastrointestinal drug Xifaxan. Sandoz is looking to sell a generic version of the drug in the U.S. markets.

Platinum group metals and gemstones

Venus Metals Corp. Ltd. has started proceedings in the Western Australian Supreme Court against Spectrum Metals Ltd. and CEO Paul Adams; Spectrum's unit Zebra Minerals Pty Ltd, which acquired the Penny West gold project in December 2018; and DJ Carmichael Group Pty. Ltd. and CEO Davide Bosio.

Venus Metals claims that despite the confidentiality of the Penny West acquisition, there were breaches of fiduciary duty, breaches of confidence and misuse of information provided to Adams and Bosio in 2018. Adams and Bosio were directors at Spectrum Metals at the time.

Railroads

Hyundai Motor Co. and Kia Motors Corp. sued Berkshire Hathaway Inc.-owned BNSF Railway Co., CSX Transportation Inc., Norfolk Southern Corp.'s Norfolk Southern Railway Co. and Union Pacific Corp.'s Union Pacific Railroad Co. Inc. over an alleged price-fixing issue. The South Korean carmakers accused the railroad companies of conspiring to apply and enforce rail fuel surcharges to generate profits in 2003.

Semiconductors

Taiwan Semiconductor Manufacturing Co. Ltd. countersued rival GlobalFoundries Inc. in the U.S., Germany and Singapore over alleged patent infringement. The Taiwan-based company accused GlobalFoundries of infringing on 25 of its patents that protect multiple chipmaking technologies.