Visa/MasterMoney Settlement offer to our major rental car client: $625K; Final settlement amount, with Spectrum’s help: over $11 million.
A major rental car company hired Spectrum to assist them with their claim in the Visa/MasterMoney settlement. According to the Claims Administrator, they were entitled to $625,851, this amount was later revised to $993,510. Even the adjustment, more than $300,000, did not seem appropriate to Spectrum. Our research revealed that much of the client’s data was missing from the settlement database. Based on our due diligence, and at no cost to our client, we submitted a challenge to the Claims Administrator for over $5 million dollars. After many months of negotiations, the challenge was approved for $4 million.
Believing our client was entitled to more, Spectrum retained outside counsel, at our expense, and appealed that award to Lead Counsel in the settlement. Lead Counsel rejected the appeal. With the conviction of our diligent research and a team of legal strategists, Spectrum then appealed Lead Counsel’s ruling to the court appointed Special Master, fully briefing the issue before the Special Master. Knowing that the dispute could go on for some time, Spectrum asked the Claims Administrator and Lead Counsel to pay the undisputed amount of $4 million to the client while the appeal was being heard by the Special Master. Lead Counsel rejected this request as well, and indicated that if our client dropped their appeal they would be paid immediately. Spectrum petitioned the court and the court, in a two-sentence ruling, ordered the Claims Administrator to pay our client immediately. Spectrum continued with the appeal, ultimately resulting in the claim being settled at over $ 5.7 million.
Thanks to residual payments, the total recovery for our client was over $11 million.
