A hedge fund had difficulty obtaining comprehensive trade data in preparation for a claim, and as a result missed the claim filing deadline. They outsourced to CCC, and we were finally able to retrieve their complete trade history. Within a day of obtaining the data, we filed a claim for the settlement. Happy ending, right?
Well, not yet. The settlement deadline had passed by several months, and the firm's losses were so great that the plaintiff's attorney tried to bar our client from the recovery process. A lot of firms might have accepted the rejection of the claim and moved on. It was late, after all.
But not CCC. Jim Tharin, our CEO, and Brian Blockovich, our general counsel, fought for our client's right to participate. After several months and several motions, a federal judge in the Southern District of New York agreed with CCC's argument, saying, "[T]he Late Claimants' delay was the product of excusable neglect... [T]heir claims should be permitted."
That judgment may read like the blunt English of the courtroom, but it was music to our client's ears: Their recovery was over 37% of the entire fund.