Class action settlement recovery is crucial in the world today. This is where a single or a number of plaintiffs are allowed to file a claim on behalf of a larger group. Class action settlement recovery needs to be done by professionals who will follow the required procedures to the latter. There are several steps that are usually followed, and they are the following.
Data Collection
Data collection involves the collection of data on everything that is concerned with the case at hand. Disparate sources are used to collect the data. The data is then interpreted into many formats.
Data Normalization
Data normalization is a three-step process that looks into how the data will be used. Data normalization involves standardization of data to system processing requirements, confirmation of the accounts, and proprietary intelligent record corrections.
Eligibility Analysis
Eligibility analysis is the next step, where based on the data, the eligibility of the class action settlement recovery is tested. A cross-reference of transactions dating up to 20-years back will be done to find any helpful information.
Document Verification
The document verification is done to find the integrity of all holding balances, data and checking on the accuracy. The process is crucial as it will tell a lot about how the data was achieved and whether if the findings were accurate.
Recognized Loss Calculation
Analyzing each settlement Plan of Allocation is then done using the relevant software. The processing software will find all the Recognized Loss (RLs). The Claims Engine® is usually used in this process, finding the claim of each settlement.
Claim Filing
Filing and tracking each claim is then done after the RL process. This is done with the claims administrators through an e-filing system. Claim filing includes for both those in the U.S and on international grounds. The claims will be ensured to be accurate and timely.
Claim Monitoring
Monitoring of the claims is next after filing. This is checking on the progress and the status of the claim. Checking on the status throughout the life cycle is essential.
Claims Administrator Managed Communication
This process is more of fine-tuning the claims. The claim filing will be reconciled, claim rejections resolved, and the recognized loss calculation will be verified.
Payment Processing
This is the step where most people get livelier. The payments will start being processed, and settlement checks will be recorded. Each award will be reconciled against the recognized loss of the client and internal data. Researching and solving all payment discrepancies are also done in this step.
Client Reporting and Transparency
A user-friendly client portal is used and will feature daily reports and will have all records involving pending claims and settlement payments that need to be done. The portal is interactive and will have all the information that the person will need.
Continuous Information Flow
Accurate, timely filings are needed, and in the settlement database, there will be continuous updates on the filings to ensure that there are accurate and timely filings.
Anyone who is looking to have a class action settlement recovery can get it quickly and conveniently with Battea Class Action Services.
