IB's Securities Claim Recovery Program

J

jtrader33

I received an email about it this week and was wondering if anyone had any experience or knowledge to share. Basically, IB screens for class action suits you could join and sends the info to a third party that will collect on your behalf and, if successful, take a contingency fee. It's mostly a curiosity for me as I don't know that I could justify becoming a claimant. Even if I could, I don't know enough to judge if there's potential for inviting headaches in order to receive only modest sums. Appreciate any insight.
 
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Yeah, I got the same notice from IB. The fine-print says they take a 20% cut (shared between IB and whatever firm they work with for the "Program"), and that any successful recovered funds can take a really long time to show up (even more than a year.)
What the heck, I signed up for it.
 
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