SEC Bypasses Fair Fund In Favor Of Claims Administrator

Law360, New York (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 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.