Securities Class Actions Recoveries
Traffic Light System
As part of our continuing drive to enhance the services we provide to our clients, we are delighted to advise a new service that has recently launched.Following feedback from many clients we are aware that outside of the more standard class action cases, from time to time more complex cases need to be considered, in addition to this, there are instances where our clients do not have internal departments who are able to advise on whether to proceed. Examining these can be time consuming, resource hungry and potentially costly so to assist, we have introduced the traffic light system.
The objective of this service is to:
- Provide an executive summary of the case so that the client may consider these alongside reviewing the detailed legal documents
- Assist by quantifying (as far as possible) the losses incurred on each portfolio and the likely level of recovery to be received based on clearly stated assumptions.
- Outline any likely costs that we believe may be involved in taking part in the case.
- Outline any risks that we believe may be involved in the case, such as reputational risks.
- Provide a recommendation for the client based on the above information, and subject to the criteria established.
Whilst Goal is not authorised to provide legal advice, our objective is to support your decision making by providing a recommendation in such cases based on our expertise and experience as to whether to participate, graded as a traffic light.
This new service is based around key criteria which is agreed with each client being fundamental to recommending which action is appropriate. These criteria include but are not limited to commercial considerations (size of estimated loss), circumstantial factors, reputational risk, relationships with defendants, ethical guidelines e.g. ESG, stakeholder perceptions, relative litigation costs, company policy and timing.
No. Goal Group are not involved in any aspect of the litigation process. Our objective is to recover the maximum settlement amount on behalf of our clients after the court issues a disbursement ruling.
No. Goal Group do not provide legal advice or representation. We work in an agent’s capacity on behalf of institutional investor clients to recover settlement monies after the securities class action litigation has been completed by the courts.
Our fee structure is flexible to ensure we are duly incentivised to maximise recoveries for our clients. Typically, we operate on a contingent basis with no upfront fees, subscription fees or additional, hidden costs. However, we are also able to provide our calculation engine, Accelerator, as a SaaS with an annual subscription fee.
Goal is ISO27001 accredited and was one of the first firms to achieve this esteemed accolade. With all applications hosted in AWS and globally recognised assurance that client data is not only secure but entirely segregated, we have maintained this accreditation for a number of years and are audited at least once annually.
There are no legal fees payable before any settlement or judgment. All legal fees are contingent upon success. The fees awarded to the Lead Plaintiff law firm(s) are all court approved and will be deducted from the settlement fund up to a maximum of 33.3%. Similarly, if the claim is unsuccessful, there are no legal fees payable. This is not an action against shareholders. The cause of action relates to negligence or fraud by the company through its directors that impacted upon shareholders’ investment holdings once the extent to that negligence/fraud became known. Shareholders should be looking whether to recover their damages and particularly what the impact of the claim will be on the company and its performance as an investment. That said, there will be no recovery unless a positive step is taken (submitting a claim) to recover damages.
Settlement monies are often paid wholly or at least partially by the target company’s insurers rather than by the company itself.
We can confirm past filings and, more importantly, determine if your past filings are complete. If necessary, we can also make any required corrections or additions.
Yes. The court has discretion to determine whether a late claim will be accepted. We have a strong track record of successfully filing late claims and delivering settlements for new clients that have missed filing deadlines.
Goal files every claim for every account whether there is a recognised loss or not. It is the claims administrator’s ultimate responsibility to determine who is owed money, and it is imperative to our client’s interest to provide an outside analysis of their conclusions.
We provide global coverage in both established and new markets. As well as the markets for which we facilitate this service currently, we are also monitoring those where class actions are being discussed and recognised so that formal procedures are put in place.
No. The fee associated with the service is purely contingent and based on a no win, no fee scenario. There will also be no additional administration fees or costs associated with the use of the client portal. Should any additional fees be incurred (such as out of pocket expenses) these will be approved by you, before we go proceed.
As part of the service, we offer a dedicated client portal where you will be able to view statements, open claims, paid claims and those that have been rejected. The portal also provides a complete list of alerts, which can be subscribed to if you want to receive information if/when anything changes. We can also sign you up to the e-mail alerts service, which means you receive all alerts directly to your e-mail inbox.
The only way a client name would be released into the public domain, is if they agree to be a lead plaintiff on a case or participate in certain foundation cases. Information as to whether there is a possibility on the clients’ name being used, is included within the alert for each case.
A power of attorney (POA) is not essential for us to be able to provide the service but if a POA is granted, then the process becomes more efficient as we are able to sign documents on your behalf. Without this, the process lengthens as we will need to transfer documents for signatures and approval. They can either be provided as a blanket POA or on a case-by-case bases. Please note that occasionally, a wet signature may still be required.
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Today Goal Group launches Traffic Light Concept, a new service for Securities Class Actions clients to help in-house teams decide whether to participate in non-standard