Case Name: Allstate
Settlement Fund: $90 million
Claim Filing Deadline: February 8, 2024
Class Period: October 29, 2014 -- August 3, 2015
Court and Docket No.: Northern District of Illinois, 16-cv-10510
Chicago Clearing Corporation (CCC) is preparing claims for the $90 million Allstate settlement, as well as for scores of other upcoming securities and antitrust settlements. Aside from the sizeable settlement fund, of note in this litigation is the nearly decade-old class period. If retrieving trade antique data sounds like a pain, (were computers even a thing back then?), CCC has the solution.
What this case is about
On August 3, 2015, Allstate announced a 57% decline in operating income due to an increase in auto insurance claims, and an increased frequency of them. Shares of its common stock (ALL) fell 10% the following day.
While Allstate blamed an increase in miles driven, weather, and other uncontrollable factors, investors argued in a securities class action that the company had failed to disclose it had been marketing to higher risk drivers. As a result of this omission, plaintiffs alleged in their class action complaint, Allstate had traded at artificially inflated prices. Plaintiffs also alleged that corporate insiders were able to sell some of their own shares before the truth was revealed.
Despite the settlement fund, Allstate asserts that investors were in good hands. “Defendants have denied and continue to deny each and every one of the claims,” the parties note in the stipulation of settlement. Plaintiffs likewise stand by their “bad hands” arguments, and affirm that their arguments “have merit and that the evidence developed to date supports the claims asserted.” However, they opted for a settlement due to “the uncertain outcome and the risk of any litigation, both on merits and damage issues, especially in complex actions such as the Action.”
Unfortunately, the operative complaint does not play on the "good hands" slogan, so we have picked up the slack here.
How CCC Can Help
The data experts at CCC can retrieve transactions and positions no matter how old and no matter what platform. We have normalized billions of rows of data for our clients, and are prepared to file tens of thousands of claims in the Allstate settlement. Call today and we can help with this securities litigation and with any other settlement that pertains to you or your clients. Our experts are at 312-204-6970.
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“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. Dealing with the CCC staff has been a very positive thing.”
“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.”
“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 it's simple. 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.”
Registered Investment Advisor
“Your client reporting portal and customer service is the reason we chose Chicago Clearing. 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)."