LAKE SUCCESS, NY (April 19, 2016) – Garden City Group, LLC™ (GCG®), a leading provider of legal administration services, has been recognized as the most frequent securities class action claims administrator by ISS Securities Class Action Services in its 2015 ranking of the top 100 securities class action settlements of all time by settlement dollar value. This is the 7th consecutive year GCG has earned the top honor.
As of December 2015, GCG had administered 42 of the top 100 settlements throughout the past two decades—more than all other claims administrators combined. Moreover, the company had administered six of the top 10 settlements of all time, twice the number of the next closest administrator.
GCG’s proven record also has made it the administrator of choice for foreign issuers. In fact, three of the top 10 securities settlements of all time involving foreign issuers—Royal Ahold, Nortel Networks I, and Nortel Networks II—were administered by GCG.
2015 was a near-record year for securities class actions settlements. Twelve settlements totaling more than $4 billion were added to the top 100 Settlements list; GCG was responsible for administering settlements representing more than half a billion dollars of that total.
“The ISS report confirmed what many already know,” said Kenneth Cutshaw, interim president & chief executive officer, GCG. “When it comes to securities class action settlements, GCG’s experience is unmatched, which consistently makes us the partner of choice, particularly in these large, complex administrations. We approach those administrations like we approach all of our lines of business—with an intense focus on the success of our clients. This acknowledgement is a testament to that focus, and we couldn’t be happier.”
GCG has handled groundbreaking securities settlements, such as the $6.2 billion WorldCom settlement, the $3.2 billion Tyco International settlement, and the $2.425 billion Bank of America settlement. Overall, GCG has administered more than $27 billion in settlements in the top 100 securities class action cases alone.
About Garden City Group, LLC (GCG®)
For over three decades GCG (www.gardencitygroup.com) has been the premier provider for class action settlement administrations, restructuring and bankruptcy matters, mass tort settlement programs, regulatory settlements, and data breach response programs. GCG is the partner of choice for leading law firms, corporate legal departments, and government agencies, handling a wide range of matters, including notably the General Motors Ignition Switch Defect Litigation, the $2.4 billion Bank of America Securities Litigation, the $1.425 billion Stryker Hip Settlement, the $500 million Countrywide MBS Settlement, and theAT&T Third Party Billing Settlement.
About Crawford & Company
Based in Atlanta, Ga., Crawford & Company (www.crawfordandcompany.com) is one of the world’s largest independent providers of claims management solutions to the risk management and insurance industry as well as self-insured entities, with an expansive global network serving clients in more than 70 countries. The Crawford Solution™ offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management, workers compensation claims and medical management, and legal settlement administration. The Company’s shares are traded on the NYSE under the symbols CRD-A and CRD-B.