Good news for those investors who purchased Valeant securities between January 4, 2013 and March 15, 2016. 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.
Quick facts about this settlement
This week the first securities litigations to spring from the coronavirus crisis have arrived. It's of course expected that an event that has a negative impact on a stock price might soon produce a securities litigation. In recent years, nearly 10% of publicly traded companies are the targets of securities class action complaints each year. Even... 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 National Mortga... Read More
Settlement Fund: $149 Million
Class Period: 2/25/2016 – 9/15/2017
Class Description: all persons and entities who purchased or otherwise acquired publicly-traded Equifax common stock during the... Read More
Out of the hundreds of corporate scandals that begot securities class action litigations and SEC sanctions, the Wells Fargo fake account scandal has to be one of the most fascinating. Or disturbing, maddening, or even comical, depending on your temperment. Personally, I like "Orwellian."
In case you forget the details, (a lot has happened since Sept... 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
“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