FX Case Update (March 2018): Three Reasons Why You Shouldn’t Delay in Your Preparation

Andrew Lasky, Legal Product Specialist, Financial Recovery Technologies and Jenn Rothenberg, VP of Marketing, Financial Recovery Technologies

On March 12, 2018, the request for extension of time for the upcoming Antitrust Forex case was granted. Ultimately, the size and complexity of this data has been greater than initially anticipated and more time was needed – the new deadline is now May 16, 2018.

 

TIMELINE FOR EXTENSION

  • March 9, 2018: A letter for extension of time was addressed to the court by lead counsel Scott and Scott. The purpose of the extension was published as follows:
    • Given the feedback we have received from potential claimants concerning the time it is taking to source data from potentially multiple entities (e.g., investment managers, custodian banks, brokers) for claims submission, we believe this extension will permit class members to submit more complete data sets without materially delaying distribution.
  • March 12, 2018: The Honorable Lorna G. Schofield, granted the application to extend the deadline to May 16, 2018.
    • The deadline to submit claim forms is extended to May 16, 2018. Class Counsel shall file a letter by 12:00 p.m. on May 22, 2018, reporting the results of the claims process, including number and percentage of claimants, percentage return on the dollar, and any other information necessary to inform the Court of the actual results of the claims process. If such information is not available by May 22, 2018, the Fairness Hearing will be adjourned. The Court would appreciate advance notice if that is the case.

THREE REASONS WHY THIS EXTENSION SHOULD NOT DELAY IN YOUR PREPARATION

In the past few months, FRT has been fielding numerous inbound inquiries regarding the Forex Antitrust case. Because of its size and complexity, we are still encouraging clients to not let this extension delay their preparation for filing.

  • This extension validates what FRT has been informing clients since last year. This is a complex and large case. Clients are receiving hundreds, if not thousands, of claim notices and cross-referencing each claim notice (with unique log-in credentials) to each eligible account is extremely time-intensive.
  • The size and complexity of this data from potentially multiple sources was greater than initially anticipated. By continuing to pull down data now, FRT can ensure that the data has been thoroughly vetted and that the most comprehensive filing is being provided to the claims administrator. This will not only assure that all accounts that need an Option 2 filing will have the most cohesive filing possible, but also provide clients who file Option 1 a way to cross-reference, analyze and potentially challenge the Claims Assessment Notification to ensure they receive the largest possible recovery.
  • Lead counsel anticipates that clients who submit Option 1 earlier will be provided with Claim Assessment Notifications sooner
    • We anticipate that for “Option 1” claims submitted by May 1, 2018, the Claims Administrator will begin providing claimants with Claim Assessment Notifications on May 31.
    • Claim Assessment Notifications for Option 1 claims submitted by May 16, 2018 will begin to be rolled out on June 18, 2018.
    • Claim Assessment Notifications for “Option 2” claims submitted by May 16, 2018 will be rolled out beginning on July 16, 2018.

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