Certificate Clearing Corporation
From EverybodyWiki Bios & Wiki
| Private | |
| ISIN | 🆔 |
| Industry | Class Action Coupon Settlements |
| Founded 📆 | Chicago, Illinois, United States (1993) |
| Founder 👔 | James Tharin |
| Headquarters 🏙️ | , 404 South Wells Street Suite 600 Chicago, Illinois 60607 |
Area served 🗺️ | |
Key people | James Tharin, Founder and CEO Brian Blockovich, President and General Counsel Brian Butler, CIO |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Certificate Clearing Corporation (CCC) is a class action coupon settlement service based in Chicago, Illinois. Started in 1993 to buy and sell coupons issued in class action litigation settlements, the company now employs more than 20 staff members. With CCC's secondary coupon markets, class members have recovered over $300 million.
Notable Settlements[edit]
CCC has experience in class actions from a wide array of industries.
- BMW M5 Litigation - A lawsuit was filed by the buyers of the 1988 BMW M5 after the company produced more of what was supposed to be a limited edition model. As part of this settlement in 1993, owners were issued a $4,000 voucher towards their next BMW car purchase.[1] CCC acted as a market maker and facilitated the buying and selling of these coupons, as a market maker on the NYSE might do.[2]
- Linens Antitrust Litigation - In this landmark trial, the New York restaurant industry argued that the major suppliers of linen services colluded to fix their prices at artificially high levels. This 2003 case resulted in both $6 million in cash and $3 million in vouchers being awarded to the prosecution.[3] CCC bought and sold these coupons, as many of the former clients no longer wanted to do business with these suppliers. Linens was one of the first major coupon settlements after the passage of the Class Action Fairness Act of 2005.
- Auction Houses Antitrust Litigation - Class Plaintiffs filed a claim alleging that Sotheby’s and Christie’s auction houses colluded to fix, raise, maintain, or stabilize the prices for their auction services. In the resulting settlement, the defendants settled by paying $412 million in cash and $125 million worth of freely transferable certificates. Each auction house issued $62.5 million in face value of certificate. As the designated market maker in the settlement, CCC facilitated the redemption of $30 million worth of Sotheby’s certificates.
- Korean Air Antitrust Litigation - CCC is currently preparing to distribute coupons for the In Re Korean Air Passenger Antitrust Litigation.[4] CCC is the court-appointed coupon consultant, administrator and market maker for the Korean Air coupons. Korean Air and Asiana Airlines, the defendants, allegedly colluded to fix the prices of passenger tickets for flights between the United States and the Republic of Korea from 2000 to 2007. In cases separate from this lawsuit, brought by the United States Department of Justice, the Defendants pled guilty to criminal antitrust violations and agreed to pay a fine.
Services Provided[edit]
- Coupon Design Consultation
- Coupon Settlement Administration
- Secondary Markets for Class Action Coupons
- Affidavit Proffering
- Coupon Redemption Tracking
- Coupon Transfers
- Dispute Resolution Mechanisms
References[edit]
This article "Certificate Clearing Corporation" is from Wikipedia. The list of its authors can be seen in its historical. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
