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What is the claims process and how long does it take?
A securities class action lawsuit is typically either settled, dismissed, or a decision against the defendant is reached. If the judge approves a settlement, a claims administrator is charged with notifying eligible claimants. Eligible claimants are given a specific time within which to file their claim with the administrator. The administrator determines the value of each claim by assigning an amount of recognized loss according to the stipulations of the court-approved plan of allocation. Once the administrator has a total for all claims, they submit a plan of dispersal to the court for final approval. Upon the court's approval, the same claims administrator disperses the settlement fund to all eligible claimants. The entire process can span several months to several years with a typical case requiring 1.5 years.
Am I receiving all the notices for which I am eligible?
Oftentimes, the chain of steps required to notify class members is too complex to expect the claims administrator to reach all eligible claimants. Therefore it is likely that you are not receiving all of the notices for which you may be a potential claimant. It is not uncommon to hear of broker/dealers, funds and large investors that receive less than 50% of the settlement notifications for which they are potential claimants.
How much should I expect to receive from my claims?
Predicting recognized losses (the net amount calculated by the administrator that represents your eligible losses) is formulaic, but there is no accurate model for predicting how many claimants will file for a particular case. The variation in the number of claimants makes it impossible to know how much you are eligible to receive before a check arrives in the mail.
When can I expect to receive my rewards?
The claims process is long, however, we have ongoing relationships with administrators and regularly contact them for the status of (client) cases.
The deadline has passed, is it too late to file a claim?
If you think you may have missed a filing, it may not be too late to submit your claim. While the court has the right to reject a claim that is filed late, they often allow it.
When are the fees paid for the service?
There are no charges for our services until you receive rewards. Our compensation is based on a percentage of the rewards that we recover for you.
How will you receive my data?
Our level of involvement in retrieving your data will vary based on your current infrastructure. In many cases, records such as brokerage statements, electronic data files from clearing firms, confirmations and year-end trading statements serve as the launch-pad for data retrieval. If these records are not kept by you, we will work with you and your clearing firm to retrieve the required materials. Our data experts will attempt to make this phase as smooth as possible for you.
How will you secure my data?
The majority of our clients choose to store their data with us. If you choose to do so, your data will be stored on Dell servers and protected behind dual 128 bit-encryption Cisco firewalls.
How will I know the status of my claims?
We notify our clients within 5 days of receiving a reward check. Furthermore, we provide a quarterly statement with the current status of all claims we have filed for you. This statement will include which case it was filed for, the date of filing, and the status of claims administration in that case.
How will I know when I receive a reward and how I can be certain that it is the correct amount?
We will notify you within 5 days if a reward check is received and provide you with full accounting of the claim. On your approval, we will send you your reward.
Who should be contracting with CAS?
The class action claims process has many intricacies and headaches that are best met with dedicated and professional resources. You should be contracting with CAS for claims filing services if you lack the proper infrastructure, resources or interest in professionally pursuing your claims.
Does CAS provide legal advice?
CAS is not a law firm and does NOT provide legal advice. |
