French securities class action defense
At the end of 2005 and during 2006, FRA was retained by the US counsel to a major European engineering company in connection with defending a US securities class action. FRA’s eDiscovery involvement was to collect, process, and host email and other company data for review by the legal team in a manner compliant with French data protection laws and the French Blocking Statute. FRA's expertise in data protection, cultural sensitivity, and IT meant that we were able to recover potentially responsive data from a division that had been sold, including reconstituting critical data from archaic back-up tapes. Supporting the client with forensic accounting, FRA reviewed the revenue recognition on contracts and the loss occasioned on them, focusing in particular on asset-based financing structures, collateral arrangements, and net exposure to investors. FRA produced reports to the legal team and assisted at the deposition of witnesses. The case was settled in 2010 with the damages, initially claimed in the billions, cut by 95%.