ARPC is a leader in all aspects of designing and administering the complex settlements that arise from litigation,” said Tom Florence, Ph.D., and Founding Partner of ARPC.
Washington, DC (PRWEB) March 26, 2013
ARPC, a business advisory consulting firm offering economic, financial, statistical, business analytics and operational expertise to clients facing legal and business challenges, announced that the Company completed the creation of a new notification program and funds allocation model for a class action settlement regarding credit card currency conversion practices. The $336 million settlement involved some 40 million potential claimants. It resolved numerous lawsuits against Visa, MasterCard, Diner’s Club and their member banks.
These companies were accused of not adequately disclosing the credit and debit card conversion charges on foreign currency transactions made by their customers during a ten-year timeframe. Under the court settlement, the credit card companies and banks had to notify their card users of these unfair charges and develop an equitable formula to reimburse them. The payment distribution concluded in 2012.
After an initial notification program was launched and yielded an unsatisfactory response rate as well as numerous complaints about complicated claims procedures the Court ordered an alternative approach. ARPC was then retained to create a new notification program that would yield substantially higher response rates.
ARPC created a multi-pronged communication program that not only accomplished a higher response rate, but delivered nearly twice the industry standard response rate for comparable cases. Next, ARPC applied its expertise in crafting statistical models to design an equitable method for distributing the settlement funds. This new distribution method was approved by the Court for paying claimants.
“ARPC was hired to handle this matter because of our unique combination of specialized skills and extensive experience managing class action settlements in complex, high-value cases,” explained John Brophy, ARPC Partner. “Our team is well versed in both the notification phase of class action settlements as well as the design and implementation of equitable claim payment methods and procedures,” he elaborated.
“While we are most recognized for our rigorous analytical capabilities for supporting corporations, law firms and governments facing serious legal issues, we are also leaders in all aspects of designing and administering the complex settlements that arise from litigation,” added Tom Florence, Ph.D., and Founding Partner of ARPC.
ARPC has just published a case study detailing their role and methodology in this credit card litigation settlement. The case number is 01-md-01409. Click here, to view the case study.
ARPC is an economic and management consulting firm that provides statistical, econometric and financial analysis to clients facing complex legal and business challenges. For over 40 years, ARPC’s consultants have assisted law firms, corporations, governments and non-profit organizations in addressing their most serious economic and financial concerns in the courtroom, board room and marketplace. ARPC provides expert services in a wide variety of cases involving mass torts and product liability, antitrust, intellectual property, securities litigation, bankruptcy, and settlement administration. Our consulting depth includes a staff of highly skilled specialists with strong credentials in economics, finance, statistics, engineering, and epidemiological modeling. The Company headquarters are located in Washington, D.C. For more information, visit http://www.arpc.com
Media Contact: Ran Farmer, ARPC. (w) 202 797 1111 R(dot)Farmer(at)arpc(dot)com
Liz Sara, Best Marketing, LLC. (m) 202 255 0134 Lsara(at)BestMarketing(dot)net