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Collecting trade data is the first step to recovering rewards in the CAS process. The data is typically obtained from custodian banks, clearing firms or in-house data retention systems and does not have to be current (it can be as much as six months old). We have over a decade of experience collecting data and have worked with all major clearing firms. The CAS team compiles trade data and loads it onto servers that sit behind two Cisco Pix firewalls. The data is then matched against “plans of allocation” from all available settlements – even those for which filing deadlines have passed. The proprietary software will determine how trade data should be applied, which leads to the maximum possible “recognized loss.” For example, if trade in ticker XYZ, which is subject to a claim, had a profit of $1 million in one account, but a loss of $1 million in another account, CAS would NOT net out the recognized loss to $0, but rather file separate claims for each account.
The next step is filing the claim to the claims administrator. The Class Action Services name is placed in the contact information section of the claim form. So, when the administrator raises questions, the point of contact is CAS, not the client. Given the complexity of cases that potentially involve hundreds of thousands of trades, this service is an extremely valuable aspect of the CAS process. In the unlikely event a claim is rejected, CAS is in the best position to determine which steps can be taken to correct the misunderstanding. We keep an audit trail of all communication with the administrator so our clients can monitor every step of the process.
The final step of the CAS process is collecting the receipt of settlement monies. An escrow account is set up in the name of CAS for the benefit of the client. A check is then sent out of escrow, to the client, along with a notice explaining the nature of the payment. This amounts to an additional and final audit of the entire process, ensuring our client the received amount is proper.
Although many class action settlements are past filing deadlines, CAS still often submits claims to the administrator. CAS has cultivated relationships with all claims administrators over the past eleven years, putting our clients in good position to have past-due claims accepted. Throughout this time, the CAS team has analyzed and filed over 200,000 claims, frequently sharing knowledge of the securities industry to help claims administrators grow their capabilities. If there is a possibility that your claim can still be filed and accepted, CAS will accomplish it.
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