FRT class action recovery tech to be made available on Eagle platform

Source: Financial Recovery Technologies

Financial Recovery Technologies (“FRT”) and Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, have established a strategic alliance to offer Eagle clients FRT’s industry-leading securities class action recovery services.

FRT’s service will now be made available to Eagle clients to help mitigate risk, enhance reporting and facilitate the effective identification, filing and recovery of securities class action settlements on behalf of clients.

A rising number of securities class action lawsuits outside of the U.S.—more than 40 across nine non-US jurisdictions since 2016—coupled with growing litigation complexity resulting from multiple actions from multiple litigation organizers, such as with the recent Volkswagen class action, are increasingly challenging the ability of institutional investors to navigate these class action waters effectively.

“As securities class actions become more complex, providing the data to support these sophisticated capabilities is crucial to our clients,” said Joel Kornblum, Head of Strategic Alliances at Eagle Investment Systems. “This new relationship reflects our commitment to providing clients with best-in-class options to satisfy their financial objectives and due diligence standards to deliver the best possible service to their end-customers.”

“Eagle shares our philosophy that today’s financial institutions need to rely on innovation to automate complicated functions and get back to what they do best - deliver results to their clients,” said Rob Adler, Chief Executive Officer of FRT. “We’ve spent the last decade partnering with our clients to understand every intricacy of their responsibilities, and are excited to work with Eagle to help its clients adapt to this new frontier of securities class actions.”

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