Featured Cases

SEC v. Specialist Firms

Administrative Proceedings 3-11445, 3-11446, 3-11447, 3-11448, 3-11449, 3-11558 & 3-11559

Heffler Claims Group is involved in a case initiated by the SEC and NYSE against seven specialist firms. The firm was appointed Fund Administrator of the seven distribution funds. The seven funds combined, which included disgorgement funds and civil penalties one entity also paid post-judgment interest), exceeded $247 million. The firm worked with the NYSE, Clearing Member firms and various Nominees to identify and attempt to receive, the class member information for approximately 2.6 million damaged transactions resulting from the Specialist firms’ alleged trading violations. A total of six distributions have occurred to date totaling over $141 million of disgorgement and interest to harmed investors. The SEC also engaged Heffler Claims Administration as the Tax Administrator for these matters. They involved seven separate entities and the firm has and continues to prepare quarterly tax estimates and file the annual tax returns for the funds, and for submitting a quarterly fund analysis to the Commission. In addition, the Firm has and continues to coordinate the investments with the escrow agents to prepare for any potential future distributions, tax and expense payments that may arise from the fund.

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