Large position identified leads to significant retail client recovery

FRT Admin
Site administrator
December 6, 2019

$58k Remittance Check, 8.1% Pro-rata Distribution

Background

  • A leading private wealth management firm engaged FRT to resolve inefficient processes of their class action recovery program while carrying out their fiduciary obligations.
  • With regard to the Clovis Oncology settlement, FRT identified one of the firm’s underlying client accounts that purchased a large volume of transactions in the security during the relevant class period.
  • The firm’s client entered into a $1.05mm position with Clovis in July 2015 and sold it 3.5 months later for $329k, generating a market loss of $723k.

Solution

  • FRT automated the class action process from start-to-finish including retrieving data, identifying eligibility, filing claims, and delivering recovered funds.
  • FRT analyzed the plan of allocation for the specific claim of the firm’s client using our proprietary recognized loss calculations.

Result

  • Recognized Loss = Market Loss
  • With a pro rata distribution of 8.1%, the firm’s client received a recovery of $58k from the Clovis Oncology settlement.
  • The firm had great news to share with their client.
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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.

 

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