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RFP: CLAIMS AUDIT AND FILING SERVICES

The Los Angeles County Employees Retirement Association (LACERA) invites proposals from qualified firms in response to this Request for Proposals (RFP) to provide (1) an audit of LACERA’s past securities class action claims filings and/or (2) future ongoing claims filing services.

To assist LACERA in its continuing effort to claim its share of funds recovered in securities- related class actions in which the fund is a putative class member, the Legal Office is looking to retain a firm or firms to provide (1) an audit of LACERA past securities class action claims filings for those where the claims filing deadline has expired, going back to January 1, 2007, and/or (2) future ongoing claims filing services. The same or different firms may be engaged to provide the services. Firms may propose for either or both of the categories of service, as described below.

Scope of Services and Core Skills

The firm or firms selected to provide securities class action claims audit and/or filing services will be expected to:

Audit Prior Filings

  1. Identify all Prior Class Actions where a recovery was obtained through settlement or otherwise and distributed to class members, and where LACERA was eligible to share in the recovery by virtue of its trading and holdings in the underlying security or securities. “Prior Class Actions” includes those where the claims filing deadline has expired, going back to January 1, 2007 (the “Audit Period”).
  2. For all Class Actions covered in the Audit Period, determine whether a timely and complete claim was successfully submitted on LACERA's behalf;
  3. For those Class Actions covered in the Audit Period where LACERA was eligible but   a claim was not timely, fully or otherwise successfully submitted on LACERA's behalf, if any, submit a late claim on LACERA’s behalf to the Class Action claims administrator;
  4. Recover funds owing to LACERA from the Class Action claims administrator resulting from a successful late claim, verify accuracy of distribution, and remit funds to LACERA; and
  5. Provide a report to LACERA listing all prior Class Actions identified and included in the Audit Period, including: case name; claims filing deadline; amount of recovery that was available to LACERA pursuant to the court-approved plan of allocation; whether a claim was submitted on LACERA’s behalf; amount LACERA actually recovered, if any; whether the claim submitted on behalf of LACERA was successful and resulted in LACERA receiving its total available share pursuant to the court-approved plan of allocation; whether a late claim was submitted or reason(s) for not doing so; status or result of the late claim; the difference in the amount available to LACERA and the amount recovered through a late filing; date any subsequent recovery was deposited in LACERA’s bank account; and any other pertinent information.

Claims Filing

  1. Obtain all of LACERA's current and historical securities trading and holdings information as necessary directly from its custodial bank, State Street Bank and Trust Company, and, as necessary, LACERA’s prior custodial bank, Bank of New York/Mellon, and predecessors;
  2. Identify all open Class Actions as of and after the date of the contract between LACERA and the successful firm or firms on this RFP involving claims of alleged violations of U.S. securities and antitrust laws and/or regulations filed in state or federal court on behalf of investors (“Class Actions”) and determine whether LACERA is a class member and eligible to share in any recovery obtained by virtue of its trading and holdings in the underlying security or securities;
  3. Submit timely, complete and accurate proofs of claim on LACERA's behalf in connection with those Class Actions where LACERA is eligible to participate, including all necessary information and supporting documentation, unless instructed in writing prior to the filing deadline by LACERA not file a proof of claim in a particular Class Action;
  4. Receive and review deficiency or rejection notices from the court-appointed Class Action claims administrator and respond as necessary prior to the applicable deadline;
  5. Recover funds owing and distributed to LACERA from the Class Action claims administrator, verify accuracy of distribution, and remit funds to LACERA;  and
  6. Provide reports to LACERA no less than quarterly on identified Class Actions, including: case name; claims filing deadline; date a claim is submitted on behalf of LACERA or reason(s) for non-filing; amount of expected recovery; date and amount of actual recovery; amount of service provider’s fee, if any; net amount recovered; date of deposit in LACERA’s bank account, and; any other pertinent information.

Communication and Questions

Except for communications expressly permitted by this RFP and communications in the normal course of ongoing business, communications by respondents with LACERA staff or Members of its Boards regarding this RFP are prohibited from the date of this RFP through the date LACERA completes or terminates the RFP process, as publicly disclosed by LACERA. Respondents violating the communications prohibition may be disqualified in LACERA’s discretion. Respondents having current business with LACERA must limit their communications to the subject of such business.

Respondents are encouraged to communicate any questions regarding this RFP by the deadline stated above in the RFP Calendar. Questions should be sent in writing via email to mherrera@lacera.com. Questions and answers will be communicated to all respondents by the date stated in the RFP Calendar.

Delivery of Submissions

Submissions must be delivered in PDF or Microsoft Word format via email to mherrera@lacera.com by the due date stated above in the RFP Calendar. In addition, respondents must send three (3) hard copies of their submissions for delivery by September 30, 2017 at 5:00 p.m. addressed to:

  • LACERA
  • Attention: Michael D. Herrera Senior Staff Counsel
  • 300 North Lake Avenue, Suite 620
  • Pasadena, CA 91101

RFP

Small PDF icon RFP: Claims Audit and Filing Services
Small PDF icon Updated: Responses to Questions