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Fiduciary and Investment Risk Management Association

Fiduciary and Investment Risk Management Association. 21 st National Training Conference Phoenix, AZ April 18, 2007 Corporate and Class Action Settlement Process Satish Pattegar. Introduction. Corporate Actions VS. Class Actions

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Fiduciary and Investment Risk Management Association

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  1. Fiduciary and InvestmentRisk Management Association 21st National Training Conference Phoenix, AZ April 18, 2007 Corporate and Class Action Settlement Process Satish Pattegar

  2. Introduction Corporate Actions VS. Class Actions • Corporate Actions: A process that will bring actual change to a company’s stock. E.g.: Stock splits; Dividends; Rights Issue; Mergers; Tender Offers; Spin Offs; Stock and Bond Redemption; etc.

  3. Corporate Actions VS. Class Actions • Class Actions: Consolidated Litigation on behalf of many plaintiffs against one defendant. E.g.: Enron, WorldCom, Lucent, etc.

  4. Legal, Fiduciary and Tax Considerations Legal Considerations • Failure to Elect • Opt-out • Title to Claim

  5. Legal, Fiduciary and Tax Considerations Fiduciary Needs • Voluntary • Mandatory

  6. Legal, Fiduciary and Tax Considerations Tax Considerations • Principal • Income • Structured

  7. Corporate Actions Process • Timely Receipt of Notice • Accurate Analysis of Event(s) • Analyze Tax Consequences • Communicate to Decision Maker

  8. Corporate Actions Process • Gather and Transmit Election • Receive and Allocate • Exceptions

  9. Class Action Process • Source • Policy • Process • Allocation

  10. Class Action Process • Tax Reporting • Escheatment • Exceptions

  11. Conclusion • Standardization • Uniform Guidance/Best Practices • Legal or Operational • Pricing

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