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Interactive Data launches class actions service in ISO 15022 format

13 May 2008  |  1807 views  |  0 Source: Interactive Data

Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related services, today announced that its Pricing and Reference Data business has launched its class actions service mapped to ISO 15022 format.

Interactive Data's class actions service is designed to help financial institutions track, monitor and recover funds emanating from securities class action litigation.

Securities litigation may be brought on behalf of a group of shareholders (the 'class') who have suffered an economic loss arising from a violation of the securities laws. With the current sub-prime crisis, the number of class action claims is expected to increase - and this is not just a US phenomenon. It has been estimated that over half of sub-prime securities have found their way into Europe, and that around a third of them could be located in the UK.

Interactive Data's web-based Xcitek Class Actions service has been helping clients track class action events since 2005, and provides a detailed database of securities class action litigation filed in the US court system. Interactive Data has now mapped its class actions data into the ISO 15022 format and has made it available as an optional module of FTSSM, Interactive Data's securities administration tool.

Interactive Data's latest offering includes critical dates and data, with the security codes relating to the defendant, all in standard ISO 15022 format. A link to the web-based platform is also included in the ISO 15022 message. This link connects the user to the web-based version of the service, which provides a full-text description of the proceedings with all related documents.

Roger Sargeant, managing director, Interactive Data (Europe) Ltd, said: "Class actions are an essential means of providing redress to investors from violations of the securities laws, and with the recent market turmoil, these actions look set to increase. Class members usually need to submit proof of their claims in order to participate in the proceeds from a final judgement or settlement. We have a comprehensive system that is capable of compiling and disseminating class action information, allowing the user to view and track the progress of all monitored class action lawsuits."

Nat Sey, reference data business manager, Interactive Data (Europe) Ltd, added: "We have been collecting and distributing corporate actions data to the financial industry for well over 20 years and have used this expertise, as well as the relationships cultivated with the major claims administrators and plaintiffs' counsel, to provide a comprehensive service in ISO 15022 format to track securities class actions. ISO 15022 can reduce the risk of incorrect interpretation and allows the user the opportunity to receive a standardised file for downstream processing and further automation of these events."

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