In the post-Sarbanes-Oxley environment, corporations, financial institutions, and accounting firms are being held to a higher standard. Tracking developments in securities class actions cases is an important part of investing or investment servicing. It has been reported that a large portion of the settlement proceeds go unclaimed because investors are not filing claims, leaving millions of dollars in unrecovered funds.
Interactive Data Class Actions Service can help monitor these events and track the outcome of class action litigation. Whether your business holds securities as principal or in trust, you have a professional interest and possibly a fiduciary obligation to identify, track and collect settlement proceeds from these cases.
Interactive Data’s experienced staff researches securities class actions on a daily basis, using a wide variety of sources, including dedicated court systems, plaintiff counsel and litigation Websites, claims administrators, newswire services, periodicals and law firms. This information is used to identify affected securities and for each case filed, we issue an instrument level notification that contains critical information, including security identifiers. Each reported event will also include court dockets and the forms necessary for filing claims.
The Company’s dynamic Web-based service offers unique access capabilities including a listing of new cases, settled cases with filing deadlines, watch lists for tracking specific cases of interest, and portfolio tracking. In addition, Interactive Data offers a full universal file service of new and amended claims in our proprietary format, as well as in ISO 15022 standardized messages.
Interactive Data Class Actions Service:
- Coverage of securities class action litigation from initial filing through disbursement of funds
- Easy-to-use Web-based application that provides you with tools to monitor and track pending class actions
- Class actions data in ISO 15022 format, reducing the risk of incorrect interpretation of data and helping with downstream processing
- Historical content on a number of class action items, including class status, class period and class description
- Watch lists, portfolio monitoring and customizable reporting including email reports to help clients respond quickly to new developments
The Evolving Nature of Corporate Actions – contributed blog post by Charlie Price for the SWIFT Dialogue Website, March 2013