In the past decade there have been over 1100 securities class action settlements in the United States. Class members in all of them are required to submit either their trade history for the relevant security or simply the proof of holding relevant shares on a certain day—often both. In none of these cases has a class member been asked to provide information about how they acted on a proxy vote.
None, that is, until now. The ITC Holdings securities sellement is truly one of a kind. Instead of asking for a history of buys and sells or for the number of shares held at the close of the class period, the claim form demands information on the number of shares of ITC common stock for which each holder voted against a merger with Fortis, or for which abstained or did not vote on the merger.
Fortunately, the uniqueness of such requirements are not complicated. Unfortunately, in deviating from the norm this settlement may confuse potential claimants and delay them from filing a timely claim.
Chicago Clearing can help claimants retrieve all the necessary information in order to file a comprehensive claim by the deadline in this case. Thanks to our our knowledge of markets and our thorough understanding class action settlements in general (far beyond the traditional securities litigation), deviations from the norm like the ITC Holdings settlement will not trip us up. If you have any questions about this or any other securities class action, then please call us today at 312-204-6970.