Class Settlement Administration Company Ordered to Turn Over Contact Information for 396 Entities On Whose Behalf It Purported to Assert Claims

After the claims administrator determined that each of the claims a non-party class settlement distribution company submitted were invalid, the court ordered the settlement distributor to turn over to the claims administrator contact information for each of 396 entities on whose purported behalf the company had filed a claim. “The notices proposed by the Claims Administrator and [the settlement company] differ only as to the options presented to the recipient. The Claims Administrator’s notice allows the recipient to (1) ‘Confirm that [the settlement company] did NOT have your authorization to submit a claim’; (2) ‘Dispute the Claims Administrator’s determination and affirm that [the company] had your authorization’; or (3) ‘Do Nothing.’ [The company’s] proposed notice changes the baseline and allows the recipient to (1) ‘Affirm [the company’s] claim that [the company] had your authorization to submit a claim’; (2) ‘State that [the company] does NOT have your authorization’; or (3) ‘Do Nothing.’ Other than differences in the options presented, the proposed notices are otherwise identical. [The company’s] revisions assume that its actions in filing claims are entitled to a presumption of validity. Such an assumption — given all that has come to light about the claims that [the company] has filed and [the company’s] apparent failure to comply with the April 11 order of this Court cannot be taken seriously at this point. Indeed, [the company’s] revisions seek to pretend that the Claims Administrator never made findings that [the company] lacked authority. But those findings exist.”

In re: LIBOR-Based Financial Instruments Antitrust Litigation, 1-11-md-02262 (NYSD 2018-08-07, Order) (Naomi Reice Buchwald)

2018-08-09T12:10:02+00:00August 9th, 2018|Antitrust, Docket Report|