CM&R monitors securities and antitrust class actions that may have an impact on your bottom line.
According to securities class action industry tracking reports, an average of 224 new federal securities class actions were filed each year between 1997 and 2019, with 428 filed in 2019 alone. As new trends emerge in securities litigation, the challenges of accurately tracking class action cases and their ultimate disposition require strict attention to detail and constant monitoring.According to a recent report detailing antitrust case filings and settlements, the cumulative total dollar value of antitrust settlements for the last decade (2009-2019) was $24.1 billion. The total annual settlement dollar volume ranged in those years from $225 million to $5.3 billion per year.
Antitrust price-fixing conspiracies are increasingly complex and international in scope. Actions against multiple defendants often settle in phases over several years. It is not unusual to have two or more distributions from settlements in antitrust class actions that arise out of the same conduct.
CM&R continuously monitors the progression of each case through its various stages to its ultimate resolution. Our capabilities are born from our experience as practitioners in the class action industry, our broad and deep network of securities and antitrust law firms, our relationships with class action settlement administrators, and our familiarity with the legal and business periodicals in which settlements are reported.
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CM&R advises our clients of new class actions from which they may potentially recover funds by matching historical client trading data to pending class actions and upcoming settlement fund distributions. Once client data is compared to CM&R’s databases, we can determine precisely from which settlements a client can recover funds. We then produce a potential claim filing recovery report, which summarizes all settlements for which the client is potentially eligible and details the likely recognized loss for each case. CM&R files the necessary claim forms with the appropriate claims administrators to ensure full recovery for the client.
The class action claims recovery process – from submittal of a claim to the distribution of funds – tends to take a year or more. Over that time, the specialists at CM&R track and monitor every significant case development to ensure that a claim receives the full monetary recovery possible. The class action attorneys on our team have decades of experience and lead our communications with the settlement fund administrators to insure that a client’s claim is handled with the utmost care, that all deadlines are met, and that all claims are maximized.
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Claims are compiled by CM&R in a manner that insures that each claim form and its supporting documentation is produced and filed in the exact format preferred by each settlement administrator. The claims are delivered electronically or in paper format, depending on the dictates of the settlement and administrator. Proof of receipt by the claims administrator is requested and confirmed for every filing that we submit on behalf of our clients. CM&R monitors the status and progress of each claim we file, as it is progresses through the claims administration process. Any deficiencies and documentation requests made by the settlement administrator are addressed by CM&R.
Once the settlement administrator issues payment, a distribution check is received by CM&R on behalf of the client, at which time we compare the amount our client received against our internal distribution calculations to confirm that the payment amount is correct. This confirmation process is performed on every settlement payment received. Any discrepancy is researched and resolved.
CM&R deposits the payments into an escrow account assigned to our clients. This distribution process occurs on a monthly basis and consolidates all financial awards received in the prior calendar month into a single distribution, which identifies each matter from which the funds were derived. Detailed distribution letters accompany each distribution check to provide the client with the details of the settlement award received.
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CM&R also focuses on the underserved “shadow litigant market” – larger businesses who have an interest in preserving significant claims in class action matters, but who don’t want the attention, exposure, or duties entailed in becoming a class or individual litigant. These entities want the benefit of having counsel, or may have a fiduciary requirement to maximize recoveries in class action matters. There are a great number of mid to large size businesses, banks, and private equity firms who have suffered real and quantifiable injury and stand to recover large monetary overcharges stemming from class and other actions. Nevertheless, they do not want to disrupt relationships with clients, revenue providers, or suppliers, and consequently wish to refrain from direct involvement in litigation.
CM&R allows its clients to stay abreast of, and retain claims in class action litigation, in confidence and without the exposure of being a litigant. We also advise corporate clients on class action litigation trends and other compliance-related matters relating to legal regulatory schemes, so that our clients can avoid becoming targets of governmental or civil litigation. CM&R offers hourly fee-based and contingency fee-based consulting on these topics.
Contact us to learn more about CM&R’s shadow litigation services.