BNY Mellon has partnered with Financial Recovery Technologies (FRT) to address the growing demand for better governance solutions associated with shareholder litigation monitoring and recovery.
The collaboration will enable BNY Mellon’s clients to access FRT’s suite of class action solutions, including non-US and antitrust litigation.
“We are pleased to collaborate with Financial Recovery Technologies to offer its automated shareholder litigation monitoring and recovery solutions through BNY Mellon’s open-architecture platform,” said Caroline Butler, global head of custody, tax and network management, BNY Mellon.
“As securities class actions become more complex on a global level, our strategic alliance with FRT provides clients with automated solutions that are designed to quickly adapt as industry complexity grows.”
Over the course of last year, non-US shareholder litigations increased across multiple jurisdictions, including Australia, Brazil, Germany, and the UK. FRT also tracked a substantial increase in antitrust class action activity, with seven fully settled antitrust class actions recovering around $5.1 billion for investors to date and 15 partially settled antitrust class actions recovering an additional $2 billion-plus.
“The growth in the number and settlement dollars associated with non-US and antitrust recovery opportunities is requiring investors to expand their shareholder litigation recovery program beyond what is currently provided by custody banks,” said Rob Adler, CEO, FRT. “This alliance ensures BNY Mellon clients have the most complete coverage and governance solutions to optimise their exposure to litigation opportunities.”
Similarly, global securities services firm Apex Group has partnered with Battea Class Action Services for institutional clients to access its claims processing technology.
The partnership will also give Apex’s clients access with specialists in international litigation, damage valuation, and financial technology to guide them through the entire cycle of the litigation and settlement process to receive the maximum recoveries that they are due.