State Street Partners with Financial Recovery Technologies for Enhanced Class Action Services

Enhancing Global Class Actions: A Strategic Partnership

In a significant development for the financial services sector, Financial Recovery Technologies (FRT) has recently announced a strategic partnership with State Street, aimed at enhancing its global class actions service. As a leading provider of securities class action recovery services, FRT is set to leverage its advanced technology and expertise to support State Street's custody bank operations across diverse global markets.

Michael Cotter, President of FRT, articulated the vision behind this collaboration, emphasizing the shared objective to deliver innovative solutions that enhance client transparency, improve operational efficiency, and refine governance outcomes. The collaboration is designed to help clients navigate the increasingly complex landscape of global class actions, enabling them to maximize their recovery opportunities through a more comprehensive service offering.

As part of this strategic alliance, the services include integrating FRT's state-of-the-art class action platform into State Street’s existing offerings. This integration is expected to enhance class action filing processes and recovery solutions, ensuring that State Street’s clients can benefit from increased scale, transparency, and advanced analytics. Chris Rowland, Head of Custody, Digital and Fund Services Product at State Street, acknowledged that FRT’s technology would significantly strengthen their class actions service, allowing them to maximize recovery opportunities with actionable market intelligence.

FRT’s platform excels in providing clients with an executive dashboard, custom filtering, and real-time alerts, enabling transparency throughout each case’s lifecycle, from settlement to remittance. This capability is critical for clients who rely on timely and accurate information for their decision-making processes.

Furthermore, Malav Mehta, Senior Vice President of Product at FRT, highlighted that this partnership facilitates broader access to advanced capabilities. The collaborative effort focuses on various functionalities, including pre-filing analytics, data reconciliation, recognized loss calculations, and payment validation—all tailored to reduce administrative burdens and maximize recovery outcomes for clients.

Headquartered outside Boston, Massachusetts, FRT has made a name for itself with its extensive experience, industry expertise, and a solid client base of over 2,500 institutional clients globally. This strong reputation is built on providing unbiased legal insights, expert support, and dedicated service teams, establishing FRT as a trusted partner in the global realm of class action recovery.

In addition to enhancing its service offerings through the partnership with State Street, FRT’s recent acquisition of Skematic, a compliance management system, further demonstrates its commitment to innovation. This acquisition aims to replace manual workflows with a centralized, automated framework—streamlining operations for compliance teams significantly.

In conclusion, the partnership between Financial Recovery Technologies and State Street represents a noteworthy step towards enhancing class action recovery services in an increasingly complex regulatory environment. With its innovative platform and strong industry presence, FRT is well-positioned to support State Street’s mission of providing effective solutions for institutional investors worldwide. The collaboration underscores a commitment to leveraging technology to achieve better outcomes for clients engaged in class actions across the globe.