BATTEA BRIEFS

INDUSTRY CONTRIBUTIONS

Battea has been delivering the highest net return on settlement award assets for 12 years and has been instrumental in several advancements in award recovery processes and standards.

Electronic Filing Formats

Some of Battea’s clients are the largest proprietary trading groups in the world. Their claims can number in the thousands, and the supporting trade data can be substantial. Submitting these claims using existing procedures became unwieldy and inefficient. Battea initiated a collaborative effort with major claims administrators to develop electronic filing standards that permitted the simultaneous filing of thousands of claims. Today, these standards have been adopted by nearly all claims administrators and have benefited Battea clients as well as the entire industry.

Derivative Treatments

Battea’s principals were leading trading technologists in a west coast options trading firm. Their expert knowledge of derivative instruments was applied to several key settlement cases involving unique treatments of derivate instruments. Battea clients and other claimants benefited directly from this. Working with major claims administrators, Battea has continued to be pivotal in broadening the understanding of derivatives and improving the equitable treatment of these instruments in plans of allocation across all settlement types.

Recognized Loss Verification

The most common practice for claim filing is to provide the claims administrator with account information and raw trade data. There is no calculation of the value or recognized loss for the claim. The result is reliance on the calculations of a claims administrator and no method of confirming the accuracy of an award amount (or any effective recourse with a deficiency or a rejection).

Battea found this to be unacceptable and constructed the industry’s only proprietary, end-to-end processing system that calculates the recognized loss for each claim - The Claims Engineservice mark. This makes Battea the sole 3rd party award recovery company that verifies recognized losses as a standard practice.