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Fiduciary and Investment Risk Management Association. 21 st National Training Conference Phoenix, AZ April 18, 2007 Corporate and Class Action Settlement Process Satish Pattegar. Introduction. Corporate Actions VS. Class Actions

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Fiduciary and investment risk management association

Fiduciary and InvestmentRisk Management Association

21st National Training Conference

Phoenix, AZ

April 18, 2007

Corporate and Class Action Settlement Process

Satish Pattegar


Introduction
Introduction

Corporate Actions VS. Class Actions

  • Corporate Actions: A process that will bring actual change to a company’s stock.

    E.g.: Stock splits; Dividends; Rights Issue; Mergers; Tender Offers; Spin Offs; Stock and Bond Redemption; etc.


Corporate actions vs class actions
Corporate Actions VS. Class Actions

  • Class Actions: Consolidated Litigation on behalf of many plaintiffs against one defendant.

    E.g.: Enron, WorldCom, Lucent, etc.


Legal fiduciary and tax considerations
Legal, Fiduciary and Tax Considerations

Legal Considerations

  • Failure to Elect

  • Opt-out

  • Title to Claim


Legal fiduciary and tax considerations1
Legal, Fiduciary and Tax Considerations

Fiduciary Needs

  • Voluntary

  • Mandatory


Legal fiduciary and tax considerations2
Legal, Fiduciary and Tax Considerations

Tax Considerations

  • Principal

  • Income

  • Structured


Corporate actions process
Corporate Actions Process

  • Timely Receipt of Notice

  • Accurate Analysis of Event(s)

  • Analyze Tax Consequences

  • Communicate to Decision Maker


Corporate actions process1
Corporate Actions Process

  • Gather and Transmit Election

  • Receive and Allocate

  • Exceptions


Class action process
Class Action Process

  • Source

  • Policy

  • Process

  • Allocation


Class action process1
Class Action Process

  • Tax Reporting

  • Escheatment

  • Exceptions


Conclusion
Conclusion

  • Standardization

  • Uniform Guidance/Best Practices

  • Legal or Operational

  • Pricing


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