Class Action Pipeline Grows to $5.55 Billion


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Class Action Pipeline Grows to $5.55 Billion

Institutional Shareholder Services identifies settlement pipeline of more than $5.55 billion in pending class action settlement dollars due to investors.

Bruce Carton
Executive Director
SCAS

nstitutional Shareholder Services (ISS), a provider of proxy voting and corporate governance services, today announced that its wholly-owned subsidiary, Securities Class Action Services (SCAS), has identified more than $5.55 billion in total dollar amounts of pending and tentative settlements in securities class actions for which investors' claim deadline has not passed. ISS' Settlement Pipeline, which will be updated regularly and available publicly, was designed to help institutional investors manage the settlement awards they or their clients are due.

"Many investors, including many institutions, are unaware of the magnitude of the recoveries that are now coming due through securities class action settlements," said Bruce Carton, executive director of SCAS. "Drawing upon our database, the Settlement Pipeline permits us to quantify the settlement dollars that investors can and should be taking action to recover."

ISS' Securities Class Action Services maintains the industry's most comprehensive database on securities class action litigation and provides professional monitoring and claims filing services to investment managers whose clients have a stake in class action suits. As of July 31, 2004, the Settlement Pipeline shows that settlement dollars totaling more than $5.55 billion are now, or will soon be, available for investors to file claims on to recover investment losses.

The largest pending settlements in which shareholders may currently file claims include WorldCom/Citigroup ($2.65 billion), Global Crossing ($245 million), Symbol Technologies ($102 million) and Honeywell International ($100 million). The largest tentative settlements that have been announced but in which claims cannot yet be filed include the IPO Securities Litigation ($1 billion), Raytheon Company ($410 million) and Bristol-Myers Squibb Company ($300 million).

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