Last month, investors’ attention focused on preparing and filing for the Forex Antitrust Litigation – one of the largest ($2.3 billion) and most complex antitrust settlements and claims filing recovery opportunities to date. The projected recovery rate is greater than 90% of the losses resulting from the price manipulation.
As the pioneer in Antitrust Class Action Recovery, we leveraged our proprietary software systems to query data, determine eligibility and process more than 40,000 claims for nearly 250 clients all before the Forex filling deadline. The pace of antitrust settlements is accelerating and every stage of the claims recovery process is critical.
Here are five ways our clients benefited from partnering with FRT for Forex assistance that may be relevant for future Antitrust cases:
FOREX ANTITRUST CASE: CLIENT SUCCESS STORIES
1. Investors found that their current custodian was not handling Forex (or any Antitrust cases) for them: One of the largest pension funds was confident that their custodian would file for any of their antitrust case, including the $2.3B Forex settlement. FRT repeatedly explained over several months that these cases are out-of-scope for custodians because of the complexity of the data, types of instruments involved, and lengthy class periods.
- Days before the deadline, the firm reached out to FRT to assist with the claims filing process after receiving confirmation from their custodian that they would not be filing Forex on their behalf. FRT was able to work with the firm and Claims Administrator to execute a timely filing.
2. Claims notices went missing after moving offices: An $800B hedge fund became an FRT client two days before the Forex filing deadline after realizing that they had not received all of their eligible claim notices. Claims notices are physically mailed, and since the Client had moved offices within the year, their claims notices were lost in the moved.
- FRT worked with the claims administrator to locate all potentially eligible accounts, as well as each account’s unique log-in credentials to assist the client in the constructed claims filing process and file in advance of the deadline.
3. Incorrect assumption of size of potential recovery: A $15B public pension fund believed the size of their settlement recovery for the Forex antitrust case was not significant enough to warrant immediate action.
- FRT’s proprietary systems generated an in-depth analysis of their estimated damages and potential recognized loss calculations to prove that it was worthwhile to file their claims for Forex.
4. Difficulty connecting with claims administrator: A $3B mutual fund failed to receive claim notices for six of their accounts that they believed to be eligible under Option 1. After experiencing difficulty getting a response from the claims administrator, they asked FRT for their help.
- FRT was able to speak directly with the claims administrator on the client’s behalf and successfully obtained the eligible claim notices.
5. Eligible claims found well past the filing deadline: After Class Counsel announced a 30% participation in the Forex Antitrust Case, many investors realized that they were eligible well after the deadline.
- FRT maintained close discussions with the claim administrator and successfully issued late claim waivers for 60 entities. All waivers were accepted and received filing extensions where FRT continued to assist in the claims filing process.
While Antitrust claims filing is challenging, it can be done. Contact FRT at email@example.com to leverage our experience and technology to help you through the process.
If you want to learn more about FRT Antitrust, filing a late Forex claim or submitting your full data to maximize your recoveries, please reach out to your account manager or email us at firstname.lastname@example.org.
- July 11: Antitrust Class Action: The Road Ahead
- ISDAfix Case Update (June 2018): Settlements for the Remaining Five Defendants Have Received Preliminary Approval
- Case Spotlight (June 2018): Euribor Rate Manipulation
- May 10: What’s after FOREX? ISDAfix, Euribor, and several other antitrust class action settlements with money already in escrow
- Whitepaper: Antitrust – The Evolving Fiduciary Landscape
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
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.
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