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But I did everything right!
March 25, 2021

Recently, we received a call from a fund manager with a problem. He and his staff had filed a claim in a securities class action settlement on their own. They did everything right—they filed a comprehensive claim on time, dotted i’s, crossed t’s, made beginning and ending positions balance—and then they got on with the real work of managing funds and watching the markets. 

 

Last year, about three years after the claim filing deadline, the initial distribution of the settlement fund finally began. However, the fund manager and his team were not aware of the distribution. Their checks were lost in the mail, and by the time they discovered that a distribution had occurred their checks were not only missing but expired. They called the claims administrator help-line only to be told it was too late for a reissue. 

 

So, they called the experts. Could the team at Chicago Clearing Corporation help? 

 

Immediately we called the case manager at the administrator who worked directly on the settlement in question and explained the situation. We next reached out to the lead plaintiff attorneys. We presented all the facts, assured both the administrator and the attorneys that the fund manager and his team had made best efforts to both file their claim and locate their checks. Thanks to our cordial, decades-old relationships in this industry, we were able to get not one but two checks well into the six-digit range reissued within hours. 

 

Chicago Clearing pioneered the class action settlement recovery industry. We were founded in 1993 to create markets in coupon settlements, so are familiar with the class action world far beyond financial litigations. Likewise, our financial knowledge cannot be beat. Our CEO and founder, Jim Tharin, is a former market maker on the Chicago Board Options Exchange and a career trader. His staff is full of former back-office clearing firm veterans who know markets and know the trading world intimately. Together they have amassed decades worth of claim filing and recovery experience.  

 

Our combination of legal and financial expertise made us the right choice for the fund manager with the missing checks. We’re the right choice for you as well. 

Written By: Dennis O'Toole

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.

- National Bank

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.

- 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 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).

- Bank

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