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Our clients are rightfully very sensitive to their privacy and the privacy of their customers. We cannot reveal any client names or any information about specific cases, recoveries or amounts. However, a number of instances demonstrate Class Action Services technology and processes are superior to any other organization offering trade data review, loss calculations and claim filing for securities class action settlements.
A CAS client felt they should have received a large recovery from their settlement. However, one of our competitors filled out and submitted their claim form and the client received a rejection notice. The claims administrator had returned it indicating a $0 recovery. The competitor had not performed a "recognized loss calculation,” only a "market loss analysis.” Further, they submitted the claim in the client’s name - a hand off with no attempt to dialogue with the claims administrator or follow through to an actual recovery.
The institution asked us to review their trade data and resubmit. CAS determined the correct way to resubmit the data and the result was a $15 million dollar recognized loss.
CAS provides a complete turn-key service and works closely with claims administrators to ensure our clients recover the maximum possible recovery.
CAS was given the opportunity to review a list of investors who filed claims to recover losses from a large securities settlement. By comparing their list to 13D filings, we identified 100 institutions who had a million or more shares that had not yet filed claims. Our sales department cold called all 100 institutions and was universally met with disdain and disbelief that their claims had not been submitted.
Thirty of those institutions decided to look anyhow, even though they were sure their claims had all been filed (just like the other 70 had asserted). Of those 30, only 23 could find their trade data. Seven could not find trade data for the period of time specified in the court's plan of allocation, because seven years had passed. Class Action Services assisted these 23 institutions collect nearly $30 million dollars.
CAS obtained a large recovery for a client who used a different competitor to file a rejected claim. In fact, it was over two years since the filing deadline had passed. Due to the complex trade options in the client's data, we were able to work with the claims administrator, demonstrate a loss per the plan of allocation and collect on a $16 million dollar recognized loss claim.
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