If you are a small business owner looking to save money while running your litigation process, you may want to consider using a class action and claims administration management. These companies handle many of the same tasks that you would if you were to handle the process yourself. There are several advantages to this method, including:
Class action and claims administration services can be expensive. Administrators base their estimates on class size, mailing size, number of claims, opt-out rates, number of phone inquiries and other factors that vary with volume. Fortunately, experienced administrators can often make accurate predictions based on prior experience. By using sophisticated software and other methods, administrators can reduce costs up to 50 percent.
The cost of class action and claims administration services is a major consideration for attorneys involved in antitrust class action litigation. To minimize the cost of a class action settlement, counsel should look for a service that can manage the process from beginning to end. A class action administrator with extensive experience handling class action litigation can provide clients with superior customer service, a streamlined process and lower costs.
Data collection requirements
The data collected by class administrators is critical in evaluating claims. The data must meet certain specifications and formatting requirements. Each administrator may have different requirements. This may complicate the claims process. The administrator must use historical pricing and examine net amounts to determine if the claim is valid. The administrator must also maintain accurate information about the class members and the companies they represent.
Class action and claims administration services are becoming more regulated in the United States. The National Law Journal has ranked JND as the nation’s top class action claims administrator in its 11th annual ‘Best Of’ supplement. The firm has placed in this category three times in the past four years and is also listed in the NLJ Best of 2022 Hall of Fame. JND is a national leader in legal administration services and has been a top choice for class action and claims administration for over five years.
The efficiency of class action and claims administration services is highly dependent on the class size estimate. Administrators make these estimates based on the size of the mailing list, the average number of claims filed by the class, opt-out rates, phone inquiries from class members, and other factors that vary with volume. Experienced administrators have the experience and resources necessary to make sound predictions about claims rates.
Claims administration services also need to respond to inquiries from class members. Depending on the nature of the settlement and the support that class members need, the claims administrator must use different methods for communicating with class members. For example, nearly all antitrust settlements use case-specific websites to provide information about important documents, frequently asked questions, and key deadlines. They also almost always have a toll-free number where class members can call with questions.