In securities litigation against issuers outside the United States (U.S.), U.S. ADR suits precede non-U.S. recovery efforts. With antitrust litigation involving complex financial instruments - e.g. FOREX, LIBOR, and other benchmark rate manipulation cases - a similar pattern is emerging. U.S. suits against investment banks, most headquartered outside the U.S., have already recovered billions of dollars for investors, and we’re now seeing similar cases filed in other countries. While this certainly bodes well for harmed investors - many of whom are not eligible for U.S. settlement monies - any optimism should be tempered by the challenges investors will face with these cases.