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Friday, July 12, 2024

Angeion Group Advocates for Innovation and Integrity in the Class Action Administration and Settlement Sphere

Last updated Thursday, June 27, 2024 09:40 ET , Source: Steve Weisbrot

Angeion Group and its CEO, Steve Weisbrot, have made crucial contributions to the amendment of rules on notice rules, driving innovation in the class action administration sector.

Philadelphia, Pennsylvania, 06/27/2024 / SubmitMyPR /

Class action litigation is among the high-stakes legal arenas, with millions of dollars in fees, organizational reputations, and class member satisfaction on the line. In recent years, many major class action suits involve digital technology companies and the internet, which are rapidly developing areas previously unexplored by the law.

Rapid technological development has always outpaced laws and regulations, and that holds true even in the class action administration and settlement field. Many administrators still rely on old and outdated methods, such as newspaper advertisements and paper checks, to notify class members and distribute payments.

Angeion Group, an independent, internationally recognized settlement administration company, believes that to remain relevant and effective, the industry must adapt to the times. Since its establishment in 2013, Angeion has been advocating for change in the industry, such as the adoption of 21st-century communication and money transfers, giving class members easier access to their funds. Utilizing digital money technologies eliminates the need for unbanked or underbanked individuals to take their checks to a check-cashing store, which charges high rates that eat significantly into the settlement account.

According to Angeion President and CEO Steve Weisbrot, Esq., the company uses the same communications toolkits as cutting-edge advertising firms, as these are proven to have the best reach and effectiveness in today’s digital-first society. Angeion uses digital and social media fluently, employing behavioral and economic psychology and data science, targeting people with laser-like precision, and creating intuitive campaigns and websites that are actually reached and understood by class members.

Steven Weisbrot, President and CEO of Angeion Group

However, the push towards innovation does not come without resistance. As Angeion sought to bring the industry into the digital era, The Judicial Conference Advisory Committee on Civil Rules set up a series of public hearings to contemplate amending the rules to account for the realities of the 21st century. Angeion fought for modernized legal noticing and funds distribution, while other legal notice providers urged the Rules Committee to maintain the status quo.

In February 2017, Weisbrot testified at the request of the rules committee, arguing that “the new proposed rule is rooted in commonsense and progressive logic that mirrors the current media landscape” and that it would “increase efficacy and efficiency, to the collective benefit of all stakeholders.” This resulted in Rule 23 being amended for the first time in 15 years, allowing class members to receive notice by electronic or other means.

With Angeion propelling notice rules into the 21st century, it is now projected to send 1.6 billion electronic notices to class members and distribute over 20 million digital disbursements for 2024.

As the industry begins to digitalize, there is also a rise in fraud attempts, as criminals try to make claims they are ineligible for by using click farms and bots. To address this, Angeion launched AngeionAffirm, an AI- and machine learning-powered tool that analyzes more than a decade of historical claims data to stop fraud in its tracks. It is able to identify abnormal claim patterns and block fraudulent activities before they can infiltrate the system, ensuring that claims are genuine and justifiable. In a recent settlement, AngeionAffirm identified over 99% of false claims during a distinct period – a degree of accuracy exceeding current industry norms.

Weisbrot and Angeion have been recognized as innovators and leaders in the class action sphere, receiving major industry awards and being invited to speak at and or chair major international class action conferences. According to Weisbrot, a large proportion of its international team of 150+ experts are lawyers, even if they are in roles such as project management or business development, giving the team a more in-depth knowledge of how the legal system works.

“Automobile pioneer Henry Ford had a famous quote: ‘If I had asked people what they wanted, they would’ve said faster horses.’ I believe that innovation is about providing customers what they need, even if it’s not what they initially say they want,” Weisbrot says. “It's your responsibility as a leader to drive innovation in your industry, but, at the same time, to be really receptive to people's pain points so you can come up with solutions for them.”

Media contact:

Name: Gabriella Ward

Email: [email protected]


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