Chicago Clearing Corporation

Last updated
Chicago Clearing Corporation
Type Private
IndustrySecurities Claim Filing
Founded Chicago, Illinois, United States (1993 (1993))
FounderJames Tharin [1] [2]
Headquarters
404 South Wells Street
Suite 600
Chicago, Illinois 60607
Key people
  • James Tharin
  • (Founder and CEO)
  • Brian Blockovich
  • (President and General Counsel)
  • Matt Murray
  • (Vice President of Sales)
  • Dave Grondy
  • (Data Operations Manager)
  • William Tomczak
  • (CFO)
Website www.chicagoclearing.com

Chicago Clearing Corporation (CCC) is a securities class action settlement claim filing service based in Chicago, Illinois. Started in 1993 to buy and sell coupons issued at the end of class action settlements, the company now employs more than 20 staff members. CCC has over 1000 clients that include bank trust departments, hedge funds, mutual funds, registered investment advisers, professional traders, and insurance companies. This client base has approximately $2 trillion in AUM and more than 2,000,000 individual accounts. [3]

Contents

Notable Settlements

Chicago Clearing Corporation or CCC has grown extensively as the rate of securities class action settlements has exploded in recent years.

See also

Related Research Articles

A class action, also known as a class-action lawsuit, class suit, or representative action, is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member or members of that group. The class action originated in the United States and is still predominantly an American phenomenon, but Canada, as well as several European countries with civil law, have made changes in recent years to allow consumer organizations to bring claims on behalf of consumers.

<span class="mw-page-title-main">Morgan Stanley</span> American financial services company

Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 75,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2021 Fortune 500 list of the largest United States corporations by total revenue.

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was subsequently spun off from the company in 2002. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is incorporated in Delaware.

Citibank, N. A. is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.

The Depository Trust & Clearing Corporation (DTCC) is an American post-trade financial services company providing clearing and settlement services to the financial markets. It performs the exchange of securities on behalf of buyers and sellers and functions as a central securities depository by providing central custody of securities.

<span class="mw-page-title-main">Citibank Canada</span>

Citibank Canada, operating as Citi Canada, is the Canadian subsidiary of the American multinational financial services corporation Citigroup. Citi Canada is headquartered in Toronto, Ontario, with offices in Calgary, London, Ontario, Montreal, Mississauga, and Vancouver.

A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It safeguards assets of asset managers, insurance companies, hedge funds, and is not engaged in "traditional" commercial or consumer/retail banking like lending. The role of a custodian in such a case would be to:

<span class="mw-page-title-main">Auction rate security</span> Debt instrument with a long-term nominal maturity with a regularly reset interest rate

An auction rate security (ARS) typically refers to a debt instrument with a long-term nominal maturity for which the interest rate is regularly reset through a Dutch auction. Since February 2008, most such auctions have failed, and the auction market has been largely frozen. In late 2008, investment banks that had marketed and distributed auction rate securities agreed to repurchase most of them at par.

Theodore V. "Ted" Wells, Jr. is an American lawyer who works in the field of criminal law. A litigation partner at the New York law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP, Wells has been selected by the National Law Journal as one of America's best white-collar defense attorneys on numerous occasions. Wells received his B.A. from College of the Holy Cross, his M.B.A. from Harvard Business School, and his J.D. from Harvard Law School. He and his wife, former Secretary of State of New Jersey Nina Mitchell Wells, reside in Livingston, New Jersey.

<span class="mw-page-title-main">TD Ameritrade</span> American online broker

TD Ameritrade is a stockbroker that offers an electronic trading platform for the trade of financial assets including common stocks, preferred stocks, futures contracts, exchange-traded funds, forex, options, mutual funds, fixed income investments, margin lending, and cash management services. The company receives revenue from interest income on margin balances, commissions for order execution, and payment for order flow.

Milberg LLP is a US plaintiffs' law firm, established in 1965 and based in New York City. It has mounted many class action cases on behalf of investors, and has been recognized as among the leading firms in its field by the National Law Journal, RiskMetrics Group, Securities Class Action Services, and Law360. The firm and some of its partners were charged in 2006 with offering improper inducements to plaintiffs. The case against the firm itself was dismissed in 2008, but that same year four partners pleaded guilty to charges, and many others had already left the firm.

Banco de Chile, is a Chilean bank and financial services company with headquarters in Santiago. It's a commercial bank that provides a range of financial services to clients. As of December 31, 2012, Banco de Chile has a national network of 434 branches, 1,915 ATMs and other electronic channels of distribution.

GMAC ResCap, Inc. was a residential mortgage loan originator and servicer based in Minneapolis, United States. As a result of its exposure to subprime lending during the subprime mortgage crisis, the company filed for bankruptcy protection in 2012 and underwent liquidation in December 2013.

Theodore H. Frank is an American lawyer, activist, and legal writer, based in Washington, D.C. He is the counsel of record and petitioner in Frank v. Gaos, the first Supreme Court case to deal with the issue of cy pres in class action settlements; he is one of the few Supreme Court attorneys ever to argue his own case. He wrote the vetting report of vice-presidential candidate Sarah Palin for the John McCain campaign in the 2008 presidential election. He founded the Center for Class Action Fairness (CCAF) in 2009; it temporarily merged with the Competitive Enterprise Institute in 2015, but as of 2019 CCAF is now part of the new Hamilton Lincoln Law Institute, a free-market nonprofit public-interest law firm founded by Frank and his CCAF colleague Melissa Holyoak. The New York Times calls him the "leading critic of abusive class-action settlements"; the Wall Street Journal has referred to him as "a leading tort-reform advocate" and praised his work exposing dubious practices by plaintiffs' attorneys in class actions.

<span class="mw-page-title-main">Edelson</span>

Edelson PC is an American plaintiffs' law firm that focuses on public client investigations, class actions, mass tort, and consumer protection laws. Edelson’s cases include class action settlements against Facebook for $650 million (2021), social casino apps for nearly $200 million (2021), and a $925 million verdict against ViSalus (2020.)

<span class="mw-page-title-main">OneMain Financial</span> American financial services company

OneMain Holdings, Inc. is an American financial services holding company headquartered in Evansville, Indiana, with central offices throughout the United States. The company wholly owns OneMain Finance Corporation and its subsidiaries, through which it operates in the consumer finance and insurance industries as OneMain Financial. Its business primarily focuses on providing personal loans and optional insurance products to customers with limited access to traditional lenders, such as banks and credit card companies.

Andrew J. Levander is an American lawyer and Chairman of the law firm Dechert, who advises on securities fraud, commercial litigation and white collar criminal defense matters. A former federal prosecutor, he is known for representing numerous prominent Wall Street companies and executives, as well as global businesses facing litigation.

Robbins Geller Rudman & Dowd LLP is an American law firm headquartered in San Diego, California. It is a plaintiffs law firm specializing in securities litigation and shareholder rights cases.

References

  1. "Innovest Systems and Chicago Clearing Corporation Enter Into Strategic Partnership for Managing Securities Class Action Settleme". www.advfn.com. Retrieved 2020-06-17.
  2. reporter, Ameet Sachdev, Tribune staff. "Coupon awards reward whom?". chicagotribune.com. Retrieved 2020-06-17.
  3. "Why CCC?". Archived from the original on 2013-07-08. Retrieved 2013-07-16..
  4. https://web.archive.org/web/20030701133507/http://chicagoclearing.com/casesdetail.asp?ID=10%2F BMW M5 Voucher
  5. "Archived copy" (PDF). Archived from the original on 2010-05-31. Retrieved 2013-07-17.{{cite web}}: CS1 maint: archived copy as title (link) Georgetown Journal of Legal Ethics
  6. "Firm's Achievements". Archived from the original on 2012-07-22. Retrieved 2016-03-03. In Re Linens Antitrust Lawsuit
  7. "The Bank of America Securities Litigation". www.boasecuritieslitigation.com. Retrieved 2023-01-31.
  8. "The Bank of America Securities Litigation". www.boasecuritieslitigation.com. Retrieved 2023-01-31.
  9. "Why CCC?". Archived from the original on 2013-07-08. Retrieved 2013-07-16.
  10. "Citigroup Agrees to Settle Class-Action Lawsuit". The New York Times. 2013-03-19. ISSN   0362-4331 . Retrieved 2023-01-31.
  11. "Citi News | Press Releases from Citi | Citi News Releases". www.citigroup.com. Retrieved 2023-01-31.
  12. "Merck to Pay $688 Million to Settle Investors' Vytorin Suits". Bloomberg.com. 2013-02-14. Retrieved 2023-01-31.