A notice sent out by the claims administrator that gives a history of the case and the context of why the case was settled.
The firm chosen to determine the eligibility and amount of claims and to distribute the settlement fund.
The court decided date range that establishes if you are eligible to file a claim. Normally you need to have purchased or acquired a security in question during this time frame.
Cross Country Group (CCG)
The parent company of Financial Recovery Technologies. Cross Country Group was founded in 1972 with the single focus of providing best in class customer service across a broad spectrum of industries. Today CCG has a global presence with over 2,500 employees and technology centers worldwide. Fortune 500 clients from the automotive, real estate and financial services sectors have come to rely on The Cross Country Group for executing data intensive customer service and claims management solutions.
An investor must opt-out of the class by this date in order to be able to directly file a lawsuit against the defendant.
Process in which a judge reviews a proposed class action settlement to determine if the settlement is reasonable and just. This is also where the attorney’s fees are reviewed.
The date defined by the court for the filing of claims by class members. Any filing submitted after this date needs to be approved by the court.
The sum of the realized and unrealized loss during the time period that the class is being filed. This is not your total market loss for the security rather the market loss as defined by the plan of allocation.
Plan of Allocation
The court approved eligibility criteria which is the foundation for determining the value of a claim through the calculation of recognized loss.
Proof of Claim
A notice that is distributed by the claims administrator that instructs class members on the procedures of how to file an eligible claim.
Pro-Rata Payout Percentage
The total amount of recognized losses of all accepted claims for a particular case divided by the total net settlement dollars available for distribution.
The value of loss that is calculated based on applying the settlement rules described in each plan of allocation. This forms the basis for a claim’s distribution and is rarely equal to the actual economic loss. A recognized loss can oftentimes exist despite having an overall profit in the security.
The pool of funds to be distributed to the eligible class members that was agreed upon by the defendant and the representatives of the plaintiffs. These funds are allocated to class members based on the plan of allocation.