SEC Bypasses Fair Fund In Favor Of Claims Administrator

Law360 (February 27, 2006, 12:00 AM EST) -- The Securities and Exchange Commission has asked a district court to allow the agency to distribute the $250 million settlement reached with Qwest Communications to shareholders through a private distribution agent rather than through the SEC’s own Fair Fund system.

The plan stipulates that the $250 million will be combined with the settlement obtained in the private class action suit against Qwest and distributed by the consolidated class action’s claims administrator, Gilardi & Co.

The use of a private distribution agent will “minimize costs, maximize the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.