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