Good news for those investors who purchased Valeant securities between February 28, 2014 and October 21, 2015. Plaintiffs and Valeant (now known as Bausch Health) have hammered out a $1.21 billion settlement. Settlement notices and claim forms are not yet available, but Chicago Clearing Corporation (CCC) will begin preparing claims for our clients as soon as they are. (This is the second mega-settlement, or settlement over $1 billion, so far for 2020. The other is American Realty Capital Properties, which settled for $1.025 billion.)
What this case is about
In December 2015, plaintiffs filed a class action complaint alleging, among other things, that Valeant “made numerous false and misleading statements during the Class Period” and that they “formed a secret network of so-called specialty pharmacies to artificially inflate the sale of Valeant drugs using a variety of fraudulent practices.” You are not supposed to do that.
“As part of the Settlement,” notes Bausch Health’s press release announcing the settlement, “The Company and the other settling defendants admit no liability and deny all allegations of wrongdoing whatsoever.” So there.
How CCC Can Help
In a similar class action now pending in Canada, plaintiffs identified not only the common stock of Valeant but notes and debt as eligible securities. While the definitive list of securities eligible in this litigation will not be clear until the settlement notice appears, it is possible that an array of securities types will be also be eligible here. CCC can help you identify every last transaction and position for every account, and ensure that every eligible claim is submitted correctly and promptly. From the date we file the claim and through the distribution, we will communicate with the claims administrator to ensure your claim receives the compensation it deserves.
Good news for those investors who purchased Valeant securities between February 28, 2014 and October 21, 2015. Plaintiffs and Valeant (now known as Bausch Health) have hammered out a $1.21 billion settlement. Settlement notices and claim forms are not yet available, but Chicago Clearing Corporation (CCC) will begin preparing claims f... Read More
Did you trade debt securities of government sponsored enterprises (aka GSE bonds) between 2009 and 2019? If so, you may be eligible to participate in an antitrust settlement.
Plaintiffs allege that the defendants (see full list below) conspired to fix prices of unsecured GSE bonds issued by Federal ... Read More
Case Name: Akorn 2019 Securities Settlement
Settlement Fund: Between $53.6 million and $155.4 Million
Claim Filing Deadline: January 24, 2020
Class Period: 11/3/2016 – 1/8/2019
Endo International... Sound familiar? Earlier this August we posted a blog with a similar title “Endo International Settles Securities Settlement for $50 Million.”
So what’s the difference? Aside from $32.5 million.
The first settlement pertained to declining demand for Endo’s generic drugs and also alleged th... Read More
Investors in American Realty Capital Properties (ARCP), now known as Vereit, may be eligible for a massive settlement that could pay as much as 50% of damages. Given that the typical recovery is just 2%, this is great news for harmed ARCP investors.
What is this case about?
ARCP was an investment services firm fou... Read More
“I could go on and on, but bottom line, the fees being charged are much less than what I was spending in house to file and this is just one less thing I have to spend time trying to figure out how to complete on a consistent basis. I send the data on an annual basis to CCC and they take it from there. My clients are protected (if there is a class action, it is getting filed), the Bank is protected (we are meeting our fiduciary obligation by filing the claims) and…dealing with the CCC staff has been a very positive thing.”
John E. Thomason, The National Bank of Indianapolis
“We were spending countless hours on class action claims before we signed on with CCC in January. Matt Murray and their technical team ensured our data transmission was seamless and secure. We found everyone at CCC to be professional, courteous, and accommodating.”
Carie A. Minnie, Torrington Savings Bank
“We found filing securities claims very time consuming and laborious. But after signing with CCC, it’s been great! Everything is handled behind the scenes.”
Carol A. Neville, Proffitt & Goodson
“Signing with CCC has made a huge difference. Before, it was horrible. We had to print thousands of pieces of paper, invite clients to come in and sit down with us to show them where to find the transactions, how to input them into the Proof of Claim forms…Now, we do some minor leg work up front when a new account is opened, and then upload our spreadsheet to CCC. And then, voila! It’s very nice to be able to tell our client, “You can shred that Proof of Claim form because CCC has it taken care of.”
Daniela Jones, Barnes Investment Advisory
“Your client reporting portal and customer service is the reason we chose Chicago Clearing.”
Debbie Kirby, Bank of the Ozarks