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April 6, 2010

BOSTON BASED BUSINESS UTILIZES TECHNOLOGY TO MAXIMIZE RETURNS FROM CLASS ACTION SETTLEMENTS

BOSTON, MASS., April 6, 2010 – A technology platform enabling institutional investors to recover more from class-action settlements is the basis for Financial Recovery Technologies (FRT), a new business venture from The Cross Country Group (CCG).

FRT, located with CCG at One Cabot Road, uses proprietary algorithms developed in collaboration with an expert team of financial engineers from the Massachusetts Institute of Technology and recent industry data to help institutions better identify, assess, file and collect class action settlement proceeds. Since 1995 thousands of securities class action lawsuits have been settled totaling more than $50 billion in available settlement dollars. Investors have claimed roughly 35% of those settlement dollars leaving a staggering 65% unclaimed. The results for firms utilizing FRT’s services are clear. With more efficient utilization of the institution’s back-office functions to help maximize recovery from settlements, and thereby increasing portfolio returns, FRT will help ensure that investors maximize all the settlement dollars they are rightfully due.

In addition to its unique technology platform, FRT seeks to differentiate itself in the market with a no-fee pricing structure.

FRT President David L. Bedard was previously with Bear Stearns, where he was a member of a special team responsible for developing a fund to acquire and manage defined benefit pension plans. Prior to Bear Stearns, he was president of an automotive parts manufacturer where he led a leveraged buyout in 2004. He started his finance career as a merger and acquisitions banker at J.P. Morgan.

“We are very excited about our service especially in the current market environment – most clients are quite welcoming when they hear we can find them unclaimed money,” noted Bedard. “In addition, since we are scouring clients’ historical transactions for all eligible class action settlement dollars, we ensure that no stone goes unturned. If a client is eligible, we will recover.”

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About Financial Recovery Technologies

Based out of Boston, MA, Financial Recovery Technologies (FRT) is a leading global provider of securities class action claims processing services. FRT’s proprietary technology platform provides comprehensive services enabling institutional investors to maximize recovery from securities class action settlements. It is a member of The Cross Country Group. Additional information is available at www.frtservices.com

About The Cross Country Group

The Cross Country Group (CCG) was founded in 1972 with the single focus of providing best-in-class customer service across a broad spectrum of industries. It has a global presence with over 2,500 employees and technology centers worldwide and serves Fortune 500 clients from the automotive, real estate and financial services sectors. For more information, visit www.ccgroup.com.

CONTACT

Jeff Kirstein
Media Relations, Financial Recovery Technologies
1-781-306-2423
INFO@FRTSERVICES.COM

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.