Employee Spotlight: Kate Richman

By: Samantha Blumsack, Marketing Intern, Financial Recovery Technologies

Kate Richman is a Senior Claims Analyst for Financial Recovery Technologies dedicated to claims recovery. She is involved in the processes of filing claims, curing claim deficiencies and documentation audits, and processing recovered funds in preparation for remittance to the client.

What are your top priorities and biggest challenges?

My top priority is making sure that all claims and clients file on time. I never miss a deadline. It is a challenge, especially if there is a client that comes in last minute, but I will stay as late as I need to and do everything in my power to make sure that they get filed on time.

What does your typical workday look like?

Normally I come in, read my emails, and check any Jira tasks that came in overnight. Then, I start filing claims. Filing a claim starts with determining eligibility and what clients I can file as soon as possible. The next step in filing a claim is to analyze the spreadsheet and make sure all of the transactions are accurate to ensure a complete filing. Claims filing concludes with compiling a pdf of relevant information and sending it off to the correct claims administrator. Typically I work from the deadlines, so whenever there is an upcoming deadline, I make sure to look at those cases and see which ones are most pressing.

If you woke up with 2,000 emails, and could only answer 200, how would choose which ones to answer?

I work based on what comes in first and what needs to be done first. I would check and answer the oldest ones, because those are the ones that need to get done first. And then if I still had more time, I would look at ones that were specifically addressed to me. Keeping my clients and coworkers happy is extremely important to me, so if someone is directly asking something of me, I am going to make sure I focus on them and address their questions or concerns.

What is FRT doing to ensure they are adapting to the changing landscape of the class action industry while continuing to meet the needs of current and future clients?

FRT does a great job staying on top of the new and different shareholder class action cases both in the U.S. and abroad, as well as constantly creating new processes to ensure a complete and accurate filing of those cases. We are seeing a lot more antitrust settlements and those non-securities cases need a different approach than your typical domestic class actions. Prior to the LIBOR case that was due in December, we didn’t have a formal process for antitrust cases or even global group litigation settlements. Today, we have step-by-step procedures of what to do specifically to each case and each case type.

What is the most valuable lesson you have learned during your tenure at FRT?

Mistakes happen and you cannot take it personally. Although I am a very emotional person, I strive to make every single client happy and their case perfect. When a mistake happens, you can’t let it get the best of you. Your work and your client comes first.

What is one piece of advice that has changed your professional career?

One piece of advice that has stuck with me is to not take your career for granted. I’ve been at FRT for 4.5 years, and I come to work every day as if it’s my first day here. FRT instills an accepting, curious, caring and positive environment. If you are too absorbed in your work and don’t take a step back to appreciate all the people who help you, you will miss out on a lot of experiences. FRT is a great company and if you’re doing your job, and doing a good job, you’ll have nothing but a great experience.

How do you define success?

Success is not only being good at what you do, but also enjoying what you do. I believe that if you are happy and appreciative of all that is around you, you will be successful not only in a work setting, but also in life.

Learn More

For more information on what our employees have to say about their experiences with FRT, check out our careers page.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  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.

Forex Antitrust Litigation: How do I know whether I’m eligible for recovery?

You likely already have a sense for whether you traded in FX Instruments during the Relevant Period; however, if you’re unsure, here’s some guidance to help you make that determination.

A. Did you (i) trade in FX Instruments (ii) with one of the defendants (iii) during the Relevant Period, and (iv) do you meet the U.S. nexus requirement?

FX Instruments” means FX Spot transactions, forwards, swaps, futures, options, and any other FX instrument or FX transaction where the trading or settlement value is related in any way to FX rates. FX Instruments includes both those traded directly OTC with the defendants as well as those traded over an exchange between January 1, 2003 and December 15, 2015 (the Relevant Period). The court has preliminarily approved two distinct settlement classes:

  1. The “Direct Settlement Class” – those who, from January 1, 2003 through December 15, 2015, entered into an FX Instrument directly with a Defendant, where such persons were either domiciled in the United States or its territories or, if domiciled outside the United States and its territories, transacted FX Instruments in the United States or its territories; and
  1. The “Exchange Only Settlement Class” – those who, from January 1, 2003 through December 15, 2015, entered into an FX Exchange-Traded Instrument, where such persons were either domiciled in the United States or its territories or, if domiciled outside the United States or its territories, entered into an FX Exchange-Traded Instrument on a U.S. exchange.

In considering whether a trade by a non-U.S. domiciled person was transacted in the United States, the Claims Administrator will look to where it was priced, placed, booked, financed, cleared and/or settled, or whether it was entered into on a U.S. exchange such as the CME or ICE Futures U.S.

B. Who is likely to have traded in FX Instruments?

There are essentially two categories of FX traders. First, there are those who participate in the FX market as a component of their investment strategy by placing bets on the movement of various exchange rates in relation to others. Institutions of all shapes and sizes invest in FX Instruments in this manner. If your institution does invest in FX Instruments, your investment team will know it, and will likely be able to give you a sense for what percentage of your portfolio is comprised of those instruments in order to assess the magnitude of this opportunity.

The other category relates to hedging. When institutions invest in foreign stock, for example, they typically assume a degree of currency exposure on top of their equity returns. The currency risk increases during periods when the underlying currency is rising or falling relative to the institution’s domicile currency. Many choose to hedge at least a portion of their currency exposure through various FX Instruments. Related to the hedging category, there are also companies that conduct a large portion of their business overseas. (Think, for example, about a multinational technology company that is purchasing large amounts of component parts from many different countries with those contracts denominated in various countries.) The company may choose to invest in FX Instruments to address contract price fluctuations.

In sum, we would expect this settlement to be most relevant to:

  • Institutions with large global portfolios
  • Institutions heavily invested in international ETFs
  • Institutions that customarily incorporate hedging strategies to address currency risk
  • Institutions that customarily engage in foreign exchange (FX or Forex) through brokerage trading accounts, foreign currency CDs, ETFs, foreign bonds and/or mutual funds
  • Institutions that speculate on currency fluctuations by taking long or short positions various currencies
  • Institutions that transaction a lot of business overseas

C. Is anyone explicitly excluded from the settlement?

There two settlement classes expressly excluded: the defendants themselves, their co-conspirators, officers, directors, employees, affiliates, and entities in which the defendants have a controlling interest.  These persons and entities are not eligible for recovery.

There is an important exception for certain investment vehicles in which a defendant has a direct or indirect interest or as to which its affiliates act as an investment advisor, but of which the defendant is not a majority owner.  These investment vehicles are not excluded.

Maximize your FX recovery and reduce the effort required on your part to analyze, file and recover with FRT.

To help our clients accurately assess their exposure, we have augmented our existing expertise in class actions with FX industry experts who have four decades of experience in FX trading and execution.

In short, we have you covered to manage this exceedingly complex case from beginning to end. Contact your FRT representative or email us at info@frtservices.com to learn more.

 

RELATED MATERIALS     

For more information on this case or other securities, global, and antitrust class action litigations, please contact Financial Recovery Technologies at info@frtservices.com.

Morrison v The National Australia Bank still impacts foreign law claims

u.s. courtRecently, federal courts addressed an arising question in the securities litigation suit, Kaynes v BP, PLC, dismissing the law suits brought by Canadian investors who purchased BP’s ordinary shares and ADRs on the NYSE. First, the Canadian shareholders filed litigation in Canada under the Ontario Securities Act in Canada. The court rejected the claims and seemed to endorse the U.S. Supreme Court decision in Morrison v The National Australia Bank by implementing a similar standard; “Order and fairness will be achieved by adhering to the prevailing international standard trying jurisdiction to the place where the securities were traded and a multiplicity of proceeding involving the same claims or class of claims will be avoided”.

After the Canadian Courts ruling, the plaintiffs then sued in the U.S. on behalf of Canadian investors that purchased on the NYSE, still asserting claims under the Ontario Securities Act. Prior to this, the U.S. courts gave the lead plaintiff the control to determine what claims to pursue on behalf of the class, which would not allow the Canadians to file a separate class action that the lead plaintiff chose not to pursue. The Morrison decision in 2010 is still playing a major role in  investors bringing foreign securities suits to a different jurisdiction.

Read more about the U.S. courts decision to dismiss foreign resident’s law claims here.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is the 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.