Northern Trust (NASDAQ:NTRS) is expanding its global asset recovery capabilities by leveraging Broadridge Financial Solutions, Inc.’s proprietary global class action technology. (NYSE:BR), enabling clients to optimize claims recoveries and increase engagement in settlement processes.
Enhancements available with the new service include expanded coverage for more than 35 markets and, for the first time, support for “opt-in” markets where claimants can choose to participate in litigation before the lawsuit is settled. In addition, the enhanced reporting provides clients with more details about the lifecycle of their class action cases, including upcoming filing deadlines, case summary and claim report details, and detailed lists of all claim distributions.
“Northern Trust is committed to providing innovative solutions that help clients unlock the full potential of their investment strategies,” said Kevin Blair, Global Head of Securities Services at Northern Trust. “Expanding our partnership with Broadridge reflects our commitment to integrating cutting-edge technology and market insights to help improve customer outcomes and drive future growth.”
“With the increasing complexity and volume of securities classes, financial institutions must take every opportunity to protect and recover assets through best management practices,” said Steve Cirami, senior vice president, general manager of US Proxy, Corporate Actions and Global Class Actions at Broadridge. “Broadridge’s Global Class Action Services equips companies like Northern Trust with tools to increase recoveries, streamline settlement participation and enhance operational efficiency.”
Enhanced solutions provide investors with greater transparency, operational flexibility and broader access to global asset recovery opportunities as new laws are enacted, including support for investing in countries with opt-in class action systems.
Northern Trust’s application comes at a time when the global class action landscape is expanding rapidly, with more than 35 jurisdictions now supporting collective redress mechanisms for shareholders. In 2024 alone, class settlements reached $5.2 billion in 135 cases worldwide, highlighting the growing importance of comprehensive asset recovery solutions.