April 27, 2021, Medford, MA, USA — Financial Recovery Technologies (“FRT”), the leading provider of securities class action recovery services to the investment community, and BNY Mellon (NYSE: BK), today announced a strategic alliance to provide BNY Mellon clients a state-of-the-art solution to address the demand for better governance solutions associated with shareholder litigation monitoring and recovery. This collaboration will offer BNY Mellon’s clients access to FRT’s suite of comprehensive class action solutions including non-US and antitrust litigation.
“The growth in the number and settlement dollars associated with non-US and antitrust recovery opportunities is requiring investors to expand their shareholder litigation recovery program beyond what is currently provided by custody banks,” said Rob Adler, Chief Executive Officer, FRT. “This alliance ensures BNY Mellon clients have the most complete coverage and governance solutions to optimize their exposure to litigation opportunities.”
“We are pleased to collaborate with Financial Recovery Technologies to offer its automated shareholder litigation monitoring and recovery solutions through BNY Mellon’s open-architecture platform,” said Caroline Butler, Global Head of Custody, Tax and Network Management at BNY Mellon. “As securities class actions become more complex on a global level, our strategic alliance with FRT provides clients with automated solutions that are designed to quickly adapt as industry complexity grows.”
Despite the pandemic, 2020 saw non-US shareholder litigation continue to increase across multiple jurisdictions, including Australia, Brazil, Germany, and the UK. FRT also tracked a substantial increase in Antitrust class action activity with seven fully settled antitrust class actions recovering about $5.1 billion for investors to date and 15 partially settled antitrust class actions recovering an additional $2 billion-plus. The world’s leading financial institutions are turning to FRT now more than ever to address the increasingly complex requirements associated with global shareholder litigation and antitrust class actions and ensure they have the most comprehensive solution.
Headquartered in Medford, MA with offices in London, Sydney, Melbourne, New York and San Diego, FRT has more than 1,000 institutional clients worldwide including leading custodians, asset managers, sovereign wealth funds, hedge funds, pension funds, super funds and private banks.
ABOUT FINANCIAL RECOVERY TECHNOLOGIES
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 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. Financial Recovery Technologies is a Cross Country Group company (http://www.ccgroup.com). For more information, go to www.frtservices.com.
ABOUT BNY MELLON
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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