BNP Paribas Securities Services has launched a class action solution within its wider global custody offering.
The service notifies clients of a new class action initiated to the filing of the demand and the automatic credit of any potential recovered indemnity on the client’s account. It supplies access to class action across all markets accepting class actions worldwide.
In 2012, class actions have allowed damaged parties to recoup a total of $4.45 billion, an amount that has almost doubled since 2011, said BNP Paribas. “As of today, 95% of the class actions worldwide are still triggered in the US and Canada, yet this market practice is progressively expanding in a number of European markets, as well as in Asia,” the custodian added.
Philippe Kerdoncuff, head of global custody product at BNP Paribas Securities services, said:“This solution enriches our global custody offering and further validates the ambitions set out in the United States, where the Bank started its local custody operations in October last year. We are proud to be the first European-based custodian to offer this solution to our clients who now have an additional service to protect the interests of their underlying clients, especially as we see the demand for class actions continue to grow.”