Service to Now Provide Filing Support on Settlements
Without Security Identifiers
ROCKVILLE, MD (February 15, 2017) – Securities Class Action Services, LLC, a subsidiary of Institutional Shareholder Services Inc. (ISS) and a leading provider of securities class action solutions to the global financial community, today announced the expansion of its Premier Global Filing Service to include all global markets, along with filing support on settlements without security identifiers, such as the Credit Default Swap and Euroyen settlements.
This new global service is an extension of our current service offering for Global Filing clients, which historically covered six markets (U.S., Canada, Netherlands, Australia, Germany, and the U.K.). The expanded offering will mirror the current support services, and coverage will extend to any new markets that adopt regulations to allow opt-out or opt-in litigations.
Over the last two years and with respect to filings in the first four opt-in jurisdictions covered by the service offering (Netherlands, Australia, Germany, and the U.K.), Securities Class Action Services has markedly increased recovery opportunities for our clients. Securities Class Action Services filed nearly 3,000 claims on behalf of its clients across 32 cases representing more than $450 million in losses. In the last six months alone, Securities Class Action Services’ clients have recovered more than $6 million in three settlements. Client feedback suggests that upwards of 80 percent of those participating would not have filed claims without assistance from Securities Class Action Services.
Filing opportunities for settlements without security identifiers have risen over the last year, specifically with respect to LIBOR and FX settlements with global banks. Because these settlements involve trade/position data not typically used in traditional securities class actions, there is a greater work-effort needed to file these claims and Securities Class Action Services’ support will significantly reduce the level of effort required for investors to participate in these global actions.
“The geographic expansion of our filing coverage universe underscores Securities Class Action Services’ commitment to providing world-class products and solutions,” said Stephen Harvey, ISS’ chief operating officer. “As the largest class-action provider measured by filing volume, our Securities Class Action Services clients benefit from the ease of our daily support of global securities litigation management and our focus on maximizing recoveries.”
Securities Class Action Services and the RecoverMax platform are built upon ISS’ vast network, proven technology, and strong claims administrator relationships to help you proactively manage multiple claims and maximize recoveries. To learn more, please click here.