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Class Action Services works with corporate action departments within mutual fund companies to ensure all claims are collected. We recognize the importance of returning money back into the mutual fund for several reasons. The long process beginning with processing trades through the claims administrator, to once funds are delivered from the settlement, has typically caused many problems for mutual funds.
In some instances mutual funds rely on custodians to file and carry out the claims process. Given the average settlement period is seven years, custodian shifts may occur causing challenges in maintaining responsibilities for tracking claims.
Furthermore, the preceding custodian may receive money for someone who is no longer his client. The monetary responsibility of the previous custodian remains ambiguous. Where or who the money goes to uncertain and puts the custodian at risk for liability. In many cases, the prior custodian transfers the money to the current administrator ultimately not making it back to the mutual fund where it belongs.
Class Action Services reduces the probability of mishandling funds by performing a historical scrub of all mutual funds. CAS investigates mutual funds in new financial management software systems, acquisitions and transfers, and administrator and custodian shifts within the past ten years.
With the increasing focus on mutual fund boards, there is a prime opportunity for directors to document their independence and ensure the fund conforms to best practices and policies. Periodic audits, as required for nearly every aspect in the investment process, are necessary to confirm activities being performed for the mutual fund accounts are up to par and fairly priced. This easy action for the board vaults interest of fund investors.
Class Action Services can work on a performance basis, and guarantees all claims that can be submitted are submitted. Auditing provides an excellent bill of health for the fund as well as independent directors. In addition, it helps directors indemnify themselves from any missed claims. With Class Action Services you are absolved of this responsibility and indemnified for all claims arising from those for which we are presented data.
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