Contact UsSupporting customers throughout securities class actions lifecycle
Autumn 2009 - Interactive Data’s Pricing and Reference Data business has formed an alliance with Goal Group Limited (Goal), a leading UK-based global class actions service specialist, to provide a comprehensive, outsourced class actions service designed to support investors and corporations throughout the entire lifecycle of a securities class action
Securities class action litigation may be instituted on behalf of shareholders (the ‘class’) who have suffered an economic loss arising from a violation of the securities laws. Most securities class actions have historically been filed in the US, but with the introduction of legislation to support strong corporate governance, such lawsuits are spreading across Europe, Australia and Asia.
Financial institutions are increasingly paying closer attention to developments related to securities class action litigation. Yet, for a variety of reasons, global institutional investors do not always submit claim forms in situations where they may be eligible for recovery. One reason may be that investors are not aware that a judgement has been entered or that a lawsuit has been settled or even filed. According to research conducted by Goal, between 2000 and 2007 more than US $12 billion in settlement compensation awarded by the courts was unclaimed in class actions, bankruptcies and disgorgements. To date, Goal has helped its customers recover over US $280 million in compensation.
Information from Interactive Data’s class actions service, which has been helping financial institutions track, monitor and recover funds emanating from securities class action litigation since 2005, has now been incorporated into Goal’s fully-outsourced solution designed to help customers manage and navigate the securities class action process and recoup funds where applicable. This information includes details of securities class action litigation filed, with critical dates and data, and the relevant security identifiers – all in standard ISO 15022 format.
Using its ISO 9001 accredited technology, Goal undertakes research, analysis and calculations on behalf of customers and completes any applicable claim documentation. This is then emailed to the customer, clearly indicating any additional information required from the customer prior to filing with the court or other governmental agency overseeing the class action. Goal’s solution allows customers to access an online reporting facility that provides the security identifier, together with the class period, settlement fund and any applicable proof of claim deadline. Also available are a current case settlement diary that provides an overview of impending cases and an activity statement with information on the status of ongoing and collected claims.