Class Action Proposed Settlement Event

From Open Risk Manual

Definition

Class Action Proposed Settlement Event. Proposed settlement to a class action filing. Situation where interested parties seek restitution for financial loss.

Security holder may be offered the opportunity to join a class action proceeding and would need to respond with an instruction. Further Notes:Original SWIFT definition: "Class action filing; Proposed settlement. Situation where interested parties seek restitution for financial loss. Security holder may be offered the opportunity to join a class action proceeding and would need to respond with an instruction." Description clarifies that the event is not the class action or the initiation of the class action, but the initiation of a proposed settlement, in which holders are encouraged to participate. Note that this is an action with some optional action on the part of the Holder.

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This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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