Treasury's Efforts to Recapture Funds in Class Action Claims Bring In $2 Million

Connecticut State Treasurer Denise L. Nappier said today that Connecticut's pension fund recovered just over $2 million from claims filed in class action lawsuits during the fiscal year ending June 30, 2006 -- the third consecutive year exceeding $2 million, as part of theTreasury’s asset recovery and loss prevention program. The six-year total in the class action recovery program initiated by the Nappier Administration stands at $10.98 million.

Treasurer Nappier noted that potential funds go unclaimed by individual and institutional shareholders each year, simply because they are unaware of their eligibility for a share of court-approved class action settlements. She urged individual investors and other public pension funds to file claims for funds resulting from class action settlements.

Nappier noted that the landmark Treasury program she instituted has brought nearly $11 million into the state pension fund, by making certain that the Treasury was aware of and appropriately filed necessary paperwork to claim funds in class action suits. The amount collected in class action proceeds has increased from $135,000 in fiscal year 2000, when the Office began to look at class action recovery. Read more at state.ct.us