Wayne, PA (PRWEB) November 28, 2011
More than 100 customers of SunGard’s trust accounting solutions are now actively using SunGard’s Class Action Claims Service, which leverages Chicago Clearing Corporation’s (CCC) securities claim filing service, to help meet their fiduciary responsibilities more effectively and efficiently. The Class Action Claims Service provides integration between SunGard’s trust accounting systems – AddVantage, Charlotte and Global Plus – and CCC to help custodians outsource the process of accurately identifying, qualifying and filing class action claims on all securities they hold on behalf of their clients. High Point Bank & Trust, Merchants Bank, and Legacy Trust Company are among the SunGard customers who use the service.
When securities class actions cases are introduced, SunGard customers face a complex, time-intensive and costly claim filing process that typically spans 18 months. Outsourcing the securities claim filing to CCC through SunGard’s trust accounting systems helps reduce these challenges. SunGard’s trust accounting systems provide a comprehensive picture of transaction data and transmit the trade data to CCC. CCC then manages the entire process, from filings through distribution, and sends all proceeds back to the SunGard customer.
Susan Tronti, operations manager at Legacy Trust Company, said, “We spent countless hours on class action claims before we started using SunGard’s Class Action Claims Service. The service has helped to eliminate many tedious hours of research, paperwork and mailings. With the automatic transmission of data from Charlotte to CCC, which monitors and processes our claims, the task is seamless. It also helps prevent missing a claim filing deadline. As a result, our staff can focus on core responsibilities.”
James Tharin, chief executive officer at Chicago Clearing Corporation, said, “The next wave of securities class action filings will result in many large settlements emanating from many sources, especially financial firms hard hit by the stock market meltdown from 2007 to 2009. These cases are ramping up quickly and will define the next five-year cycle of class action claims. Settlements will be more complex and include multiple asset types, like mutual funds and corporate bonds. SunGard customers have an opportunity to stay ahead of this wave, meet their fiduciary responsibility to file and help maximize proceeds for their clients.”
Eileen Van Scoy, executive vice president of SunGard’s wealth management business, said, “With increasing class action activity, accurate and efficient claims processing is needed now more than ever by institutions that trade securities. SunGard and Chicago Clearing Corporation provide a simple solution for this growing problem. SunGard customers have a unique opportunity to help reduce the expense and risk of processing claims on their own, while improving service and building trust with their clients. SunGard and CCC give customers the ability to manage multiple claims at multiple administrators, all through a single source, helping staff focus on their core job – servicing clients.”
About Chicago Clearing Corporation
Founded in 1993, CCC is the claims filing specialist in securities class action settlements. CCC’s 646 clients – and more each day - manage over $300 billion in assets. Since December of 2008, CCC has recovered over $58 million for its clients. CCC serves a wide range of investors, such as bank trust departments, investment advisors, money managers, mutual funds, pension funds, hedge funds, brokerage firms, family offices, high net worth individuals, market makers, specialists, proprietary trading firms and professional traders. No matter the type of investor, CCC has the knowledge and the expertise to maximize client recovery.
About SunGard’s Solutions for Wealth Management
SunGard provides wealth management solutions that help banks, trust companies, brokerage firms, insurance firms, benefit administrators and independent advisors acquire, service and grow their client relationships. We provide solutions for client acquisition, transaction management, trust accounting and recordkeeping that can be deployed as stand-alone products, or as part of an integrated wealth management platform. For more information, visit http://www.sungard.com/thechangingfaceofwealth.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 20,000 employees and serves over 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $5 billion, SunGard is ranked 434 on the Fortune 500 and is the largest privately held business software and IT services company. Look for us wherever the mission is critical. For more information, visit http://www.sungard.com.
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