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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