Administered Nearly Half of Total Settlement Funds Available Last Year
NEW YORK – Feb. 21, 2023 — When major securities class actions are resolved, Epiq, a global technology-enabled leader to the legal industry and corporations, continues to be the claims administrator of choice for the largest of these types of settlements.
According to data recently released by ISS Securities Class Action Services, Epiq managed $2 billion worth of settlements in 2022, close to half of the $4.77 billion available for distribution across all settlements. The report, The Top 100 U.S. Class Action Settlements of All-Time, found that Epiq oversaw more than twice the dollar amount managed by the next closest claims administrator in the last calendar year.
“While we saw fewer overall new securities cases filed in 2022, U.S. securities class action settlement activity surged – and Epiq continues to be the trusted go-to for the biggest of these settlements,” said Cameron Azari, Senior Vice President at Epiq.
According to the ISS report, while newly filed securities-related cases declined for the third year in a row in 2022, the number of settlements and their total dollar value both increased from the prior year (total settlements by 21.5 percent from 116 to 147, and total settlement funds approved by 35.7 percent from $3.51 billion to $4.77 billion).
In terms of the 100 largest securities class action settlements of all time, Epiq re-affirmed its position as the most frequently-selected claims administrator, administering more than half of those cases, according to the report. ISS also noted Epiq’s administration of the second largest settlement to date in the United States, the WorldCom, Inc. $6.2 billion matter, in 2003.
Epiq has actively grown and deepened its expertise in the claims administration space over the years. Said Azari, “With Epiq’s acquisition of Garden City Group in 2018, we were able to merge two of the largest administrators of securities settlements into one, and we are now by far the largest administrator of securities settlements. The collective experience of our people continues to make Epiq the first choice on large and complex securities matters.”
Along with overseeing claims administration for many of the largest class action settlements, regardless of type, Epiq’s best-in-class people, technology, and service for class action administration matters allow it to handle matters of all sizes and complexity anywhere in the world.
Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action, and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at www.epiqglobal.com.
Epiq, Director of Communications