Earlier this year class members in the $2.31 billion Foreign Exchange Benchmark Rates Antitrust Litigation, aka the FX settlement, got a reprieve in the form of a two-month claim filing deadline extension. Once again a cut-off date looms: May 16, 2018. If you entered into an FX instrument or exchange-traded instrument between January 1, 2003 and December 15, 2015, be advised that the clock is ticking and the deadline is just over two weeks away.
Chicago Clearing Corporation is the expert in securities and antitrust class action settlements. Our team combines decades of class action and economic expertise to ensure that no claim is ever missed and that every trade is accounted for. For several months we have been reviewing data and preparing claims for our clients in the FX settlement, and each day we are auditing the claims of new clients to help them maximize their recovery before the deadline arrives.
A Unique Case with a Unique Class Period
The class period for the FX settlement splits into two segments: a known transaction period and an unknown, estimated period. According to the Plan of Distribution, “Settling Defendants have produced transaction data generally covering the time period January 1, 2009 to December 15, 2015; some of the Settling Defendants have produced data for additional years; and some have produced data for fewer years.” Remember, the class period begins in 2003, so that means there could be more than six years of missing data, depending upon the defendant.
Each claimant has the option to eschew the estimated claim and to instead submit a documented claim. This, the plaintiffs say in their Plan of Distribution, “is designed for Claimants with high transaction volumes and accessible trading records.”
Auditing Claims May Increase Your Recovery
Many, if not most, claimants could benefit from an audit of their claims. CCC recently audited claims in the Credit Default Swaps Antitrust litigation, where the plan of distribution was similar: claimants had the choice of either accepting a prepared claim form, or to reject an estimate and instead submit original supporting documents. CCC submitted revised claims for 160 claimants and recovered over $50 million. This recovery contains a nearly $10 million increase over the amount our clients would have received had they accepted the claims administrator’s estimate.
Aside from the monetary boost, we also relieved the back-office hassle of data retrieval, revised claim filing, and on-going administrator correspondence. This is no small thing—especially with only 17 days before claim forms are due.
CCC helps investors maximize their settlement awards in over 100 complex financial class action settlements each year. To ensure you make the May 16, 2018 deadline in this settlement and get the recovery you deserve, call us today at 312-204-6970.