Influence and Impact: FRT’s Ongoing Initiatives Shaping the Global Recovery Landscape

Mike Lange, Esq.
February 21, 2024

The global recovery landscape is not static.  It’s constantly evolving, creating challenges for fiduciaries trying to stay on top of trends and developments.  But with change comes opportunity, including the potential to shape legal environments in ways favorable to institutional investors.  FRT has been at the forefront of such efforts.

  • Court Submissions: In both the UK and Australia, FRT submitted affidavits to courts in ongoing cases to share its views on how institutional investors will likely respond to proposed orders that affect the risks and burdens of claimant participation. Submissions included empirical analyses of FRT client registration rates by country over time to show how changes to the risk profile of a jurisdiction impact the number of registrations, as well as input from our clients on case-specific issues to impart the views of institutional investors directly to the courts.
  • Public Comments: In Australia, FRT submitted a position paper to a government inquiry on reforms to laws governing class actions to explain how they would impact investors’ involvement in such cases. More recently, we submitted comment letters in the US regarding our opinions on eligibility and participation limitation issues for proposed SEC Fair Funds.
  • Registration Agreements: FRT regularly negotiates registration terms with case organizers (lawyers and funders) in opt-in litigation outside of the US to reduce commission rates for FRT clients, provide greater protection for client identities, and ease registration processes and burdens. Having registered many hundreds of clients in actions around the world, we understand investors’ needs and concerns about joining such cases and proactively communicate them to the organizers, who have responded in positive ways.
  • Ongoing Support: Once registered, as cases progress, we continue to advocate for our clients’ interests and work with organizers to ease the burdens of participation. For example, we recently advocated for a law firm to seek court orders, securing the protection of client identities in response to a risk of broader disclosure.  In all opt-in cases outside of the US, we undertake responsibility for obtaining custodial confirmations, assisting in obtaining letters from custodians and pushing both organizers and custodians to be reasonable with their requests and what documents may be submitted.  If there are difficulties in providing confirms in the requested formats, we offer alternatives and work with custodians to provide documents that will satisfy court requirements.
  • Thought Leadership: FRT is at the forefront of client education, writing articles and blogs and hosting webinars and client events that analyze trends in class and group recovery actions and focus on the issues that are important to investors. Recognized globally as a leader in the field, FRT’s internal legal team regularly speaks on recovery issues at conferences worldwide and recently co-authored a chapter on US litigation financing for a forthcoming treatise. The team also works with organizers to disseminate useful information to investors.

As the direct participants in global recovery matters, FRT’s clients play a critical role in these efforts.  We listen to their needs and solicit their views.  This feedback is the bedrock of our efforts.  With their help, we continue to advocate for issues important to our clients and influence the global recovery landscape.

 

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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.