FX Case Update (March 2019): Memo filed in support of motion for initial distribution

On March 1, 2019, Plaintiffs for the Forex Antitrust Litigation submitted a motion for approval of an initial distribution of the Settlement Fund (the “Initial Distribution Order”). Email your FRT Representative or learnmore@frtservices.com for a copy of the memo.

Key updates from the memorandum include:

  • Option 1 claims filing has closed.
    • For Forex, Claimants were presented with two claims filing options (read our blog from December 2017 around the Forex filing strategies)
      • Option 1: The Claimant’s payment was calculated using the transaction data provided by Settling Defendants
      • Option 2: The Claimant’s payment was calculated using the transaction data submitted by the Claimant. For Option 2 claims, Option 1 results were also calculated and presented (where available), and Claimants automatically will receive the higher of the two results
    • If you have not filed and wish to file Option 1, this is no longer available. Firms must submit all transaction data though it is our belief that this option (Option 2) will soon close as well.
  • Motion to make an initial distribution filed March 1st
    • 27,000 claim forms to be included for a total of $54mm which represents 50% of estimated claims to be paid
      • 23,000 Option 1 claims filed to be disbursed
        • 9,300 claims fall within the de minimus payment category and will receive $15.00
        • 6,500 claims fall within the automatic payment category and will receive $150.00
        • 7,200 claims will receive 65% of their pro-rata payments
      • 3,900 Option 2 claims filed will also be disbursed
        • 2,300 claims fall within the de minimus payment category and will receive $15.00
        • 1,600 claims fall within the automatic payment category and will receive $150.00
        • No pro-rata claims for Option 2 will be included in the initial distribution
  • Numerous rejections of claims filed are expected. 
      • Epiq has estimated ~35,000 claims likely to be rejected based on a number of reasons including status is deficient, claims contain no eligible transactions, improper documentation, conflicting claims, etc.

Learn More

If you have not filed for Forex, there may still be a limited window of time to file your Option 2 claims. Reach out to your FRT representative or email us at  learnmore@frtservices.com.

About FRT

SETTLED CLAIMS  I  PASSIVE GROUP  I  ANTITRUST  I  FUTURE CLAIMS  I  OPT-IN MONITORING  I OPT-OUT MONITORING

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.

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