The fact that FRT has the relationships with and first hand’ experience of dealing with claims administrators means that it can recover more fully than a client alone or it’s custodian could do. Here are a few case study examples of these ‘unique’ FRT successes:
Issue: Administrator no longer accepting claims
- FRT signed up a new client well after the filing deadline of a particular case and the initial filing was rejected for being too late. After lengthy negotiations with the claim administrator however, the claim was eventually accepted; albeit once the administrator originally processed the claim their initial response was that it had no value. FRT then challenged that assertion by detailing their recognised loss calculations, and succeeded in securing over $2.36M in recovered funds.
Issue: No recoveries for over two years by Third Party Competitor
- An FRT client spent two years contracted with an FRT competitor and did not receive any funds. The client approached FRT to do an audit to determine if there were any potential claims. FRT determined they were eligible for 12 past deadline cases. The client then instructed FRT and those 12 cases resulted in $600,000 in recoveries. The total recoveries for that client now stand at $1.8M in less than three years.
Issue: Missed Filings by Third Party Competitor
- A current client asked FRT to perform an audit (or ‘Data-Run’) on all potential claims. FRT uncovered 15 cases that were not filed. FRT then filed the claims and recovered 52 incremental settlement payments totalling over $1.4M.
Issue: Incomplete Filing by Client Internally
- After analysing the filing made by the client, FRT determined the client was owed additional settlement monies. FRT submitted a filing and was able to increase the total amount recovered for the client from $71,300 to $190,600.
Issue: Administrator issued incorrect recovery amount
- The claims administrator issued the client a settlement cheque of $12.78. FRT’s system immediately recognised this was incorrect and FRT was able to revert back to the claims administrator to substantiate its recognised loss calculation. The claims administrator agreed and a corrected cheque was re- issued for $192,913.
Issue: Missed recoveries due to custodian change
- A current client of FRT was previously relying on their custodian to process Securities Class Action claims. The client had changed custodians prior to partnering with FRT, which created a period of time when there was a lot of uncertainty as to the filing of Securities Class Action claims. FRT discovered that as a result of the custodian change and the gap in Securities Class Action coverage it meant a major filing was missed by both custodians on behalf of the client.