Liquid Claims Receives AICPA SSAE 16 Certification, Replacing Older Version SAS70

Tools

First Securities Claims Recovery Provider to Meet Latest Accounting Reporting Standards

OLD BRIDGE, N.J.--(BUSINESS WIRE)-- Liquid Claims LLC, a leading provider of claims settlement services for investors in securities class action suits, has received AICPA certification that meets the latest financial reporting standard—SSAE 16—for service organizations and replaces SAS 70, an older version of the standard which did not conform as closely to international requirements.

The American Institute of CPAs (AICPA) developed SSAE 16 to bring US practices in line with international standards and to meet rapidly changing regulatory demands for information on internal controls by service organizations. Statement on Standards for Attestation Engagements (SSAE) 16 is effective immediately.

An estimated $40 billion has been allocated in securities class action fraud cases in recent years and another $100 billion will be awarded in the next five to 10 years.

“We went through a rigorous review to demonstrate that our accounting and financial controls meet the highest American and international reporting standards,” said Erik Cohen, Chief Technology Officer of Liquid Claims. “We are proud to be the first company in our industry to receive this prestigious designation by the AICPA.”

“Our business has been expanding rapidly and we are servicing some of the largest institutional investors and asset managers in the US and abroad,” added Luis Davila of Liquid Claims. “They are demanding assurance that the companies they work with are capable of providing a level of service that meets the most demanding financial reporting and accounting standards. They want to know that their information is secure and properly handled and SSAE 16 certification gives them that assurance.”

Liquid Claims maintains an extensive database of settlement cases which it scours using state of the art proprietary technology to identify opportunities for its clients to recover funds. A team of knowledgeable accounting and legal professionals provides continual reports and assistance to company clients. Liquid Claims has over 125 clients including institutional investors, asset managers, hedge funds, proprietary trading organizations and other investors.

About Liquid Claims

As the leader in class action settlement recovery, Liquid Claims, with its proprietary business intelligence software, securely analyzes institutional trade data to discover and optimize settlement eligibility. Securities class action claims are electronically filed, then tracked through the claims life cycle providing investment managers with their maximum recovery. The goal of Liquid Claims is to assist clients in participating in every eligible securities class action settlement and serves financial service firms and institutional investors, including: Hedge Funds, Registered Investment Advisors, Proprietary Trading Firms, Pension Funds, Mutual Funds, and Family Offices.