Large position identified leads to significant retail client recovery

$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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