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The Securities Class Action Claim Filing and Settlement Award Recovery Service for BDUG members September 24, 2013 Presented by: Brian Blockovich- President and General Counsel. Who is CCC?. Founded in 1993 to make markets in class action coupon settlements - PowerPoint PPT Presentation
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The Securities Class Action Claim Filing and Settlement Award Recovery Service for BDUG members
September 24, 2013
Presented by:
Brian Blockovich- President and General Counsel
Who is CCC?Who is CCC?
• Founded in 1993 to make markets in class action coupon settlements
• Transferred expertise to claim filing in 2006 and is now the premiere claim filing service
• 1038 clients represent over 2M investors with AUM exceeding $2T, yes trillion
• CCC has received over $110M dollars for clients since 2009
• Clients include trust companies, bank trust departments, investment advisors, brokerage firms, hedge funds, proprietary traders, mutual funds and pension funds
• CCC partners with SunGard, FIS, Innovest, Infovisa, Accutech, Advent, Schwab, TD Ameritrade and Orion to name a few
• Expert, committed staff
CCC’s Numbers and Top 5 Clients CCC’s Numbers and Top 5 Clients
2012
•845 clients
•450,000 individual investors
•$620B AUM
•400 Bank Trust Clients
2013
•1,038 clients
•2,000,000 individual investors
•$2T AUM
•450 Bank Trust Clients
Client Type AUM No. of Accounts
1 Foreign Asset Manager $972,225,000,000.00 350,000
2 Trust Consolidator/Custodian $113,000,000,000.00 30,000
3 Trust Company/Custodian $29,036,974,812.00 79,266
4 Hedge Fund $27,346,160,000.00 16
5 Hedge Fund $21,991,189,827.00 141
CCC PartnershipsCCC Partnerships
Bank Trust Software
•SunGard
•Charlotte
•AddVantage
•Global Plus
•FIS
•Infovisa
•Innovest
•Accutech
•HWA
RIA/Hedge Fund
• Advent
•Schwab
•TD Ameritrade
•Orion
•Market76
•Shareholders Services Group
•JD Clark (affiliate of UMB)
Typical Claim Filing ExperienceTypical Claim Filing Experience
• You receive a class action notice
• You cringe knowing the work ahead
• You research the Cusips (if known) and the date range for activities in your accounts
• If the class period pre-dates your current software system, you face the clumsy and laborious task of retrieving data from disks or legacy systems
• If acquisitive, your acquisitions’ trade data must be integrated also
• Dealing with deficiencies could take twice as along as the filing
• Distributing settlement proceeds to closed accounts is problematic
• Can and should you outsource claim filing? The answer is YES!
Why Outsource Securities Claim Filing to Why Outsource Securities Claim Filing to CCC?CCC?
• Captures all claims, for all clients, for every case
• Manages entire process from notice to distribution
• Transforms painful task into easy and user friendly process
• Enables efficient use of internal resources
• Satisfies fiduciary duty to your clients
• Accommodates all client concerns
4 steps to becoming a CCC Client4 steps to becoming a CCC Client
Client signs CCC’s one page Agency Agreement
Step 1
Step 2
Client conducts vendor review
Step 3
CCC conducts client intake meeting to kick off the service
CCC works with client to retrieve historical data to file claims
• If you are a client of a current CCC partner, you may use the partner’s simple and free extract or interface (if
applicable).
• For legacy data or non-partner platforms, CCC will provide data template and guidelines for easy data
export
Step 4
Data Integration and Filing ClaimsData Integration and Filing Claims
CCC integrates data into its proprietary database
• CCC is SOC1, Level 2 certified
CCC begins filing claims
• Database then pinpoints specific qualifying trades
• Initial “Hitlist” is prepared identifying potential claims in trade history
• CCC files late and current claims electronically on behalf of client
• CCC communicates with all administrators regularly regarding claims
• CCC reports claim status to client online
CCC’s Client Web PortalCCC’s Client Web Portal
• Notifications• BOI• Data Updates• Pending Allocations
• Pending• Settlements• Newsletter• Account Hit List• Claims Filed• Accounts• Claim Data• Checks Paid• Allocations
DistributionDistribution
• CCC receives settlement proceeds
• Reconciles claim and deducts fee (if contingency), sends net proceeds
• Cuts one lump sum (check, wire or ACH) with account breakdown
• Distribution costs included in CCC’s fee
Q&A Discussion Q&A Discussion
Time for Questions!
Come by the Booth Come by the Booth
• Get a link so can try the demo on your own
• Sign up for special webinar for BDUG members on Friday, October 4 at 1PM CST
• Get more popcorn (if there is any left!)
Thank you very much