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Wolf Popper Partner Joshua Ruthizer to Speak on “Direct Payment Class Action” at SIFMA’s 20th Annual Global Corporate Actions Forum on November 30, 2023 at the New York Law School, NYC.

During SIFMA’s 20th Annual Global Corporate Actions Forum at the New York Law School, NYC., Partner, Joshua Ruthizer will be a panelist on the “Direct Payment Class Action” session moderated by James Tharin, Founder and Chief Executive Officer, Chicago Clearing Corporation. The panel will be from 9:55 a.m. - 10:40 a.m on November 30, 2023.

95% of mergers result in class action litigations, often filed in state court in Delaware. When the Class Action Settlement Agreements include damages, the distributions that result are made by the DTCC or class action administrator using DTCC data. These distributions are sent directly to the custodians in an omnibus payment. The custodians are then expected to distribute the distribution to the appropriate beneficial owner accounts. While seemingly simple, this distribution method has created many unexpected challenges, costs and risks for the custodians.

The session will explore those challenges, costs and risks and suggest solutions.