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Deals and People June 3, 2010
Former PBGC Director to Work on Class-Action Recovery Strategies
June 3, 2010 (PLANSPONSOR.com) - Financial Recovery Technologies (FRT), which helps institutional investors recover more from class-action settlements, has named to its advisory board Charles Millard, former director of the Pension Benefit Guaranty Corporation (PBGC).
Reported by Rebecca Moore
Millard, currently president of Cardinal Advisors LLC, served from 2007 to 2009 as the first PBGC director to receive U.S. Senate confirmation, according to an FRT news release. Prior to his appointment to the PBGC, Millard served as a managing director with Lehman Brothers and Prudential Securities, a senior cabinet official on economic development to New York City Mayor Rudolph Giuliani, managing director of Broadway Partners, a national real estate and management firm; and was twice elected to the New York City Council.
“As securities class action settlements continue to grow and become more complex, FRT’s technology and sophisticated algorithmic approach to claims recovery is compelling,” said Millard, in the announcement. He also noted that a study found almost two-thirds of the country’s financial institutions do not file for claims for which they may be eligible, and the ones that do often do so incorrectly or inefficiently.
Boston-based FRT is a global provider of securities class action claims processing services. Its proprietary technology platform provides comprehensive services enabling institutional investors to maximize recovery from securities class action settlements. It is a member company of The Cross Country Group.
Additional information is available at http://www.frtservices.com.