A failure to act or disclose information when lawfully compelled to do so.


A class member’s motion to the court to remove himself from proceedings, often to retain rights to sue the defendant individually; class administrators will exclude opt-out members from taking part in settlements or favorable judgments.

Prerecorded Voice Message

A human voice recorded message used to contact consumers.


Publishings or ads in newspapers, television or radio, in media or through the Internet of class action settlement notices by administrators to potential class members.


A liquid and negotiable financial instrument with monetary value that represents an ownership position in a publicly traded corporation.

Securities Class Action Lawsuit

A class action lawsuit filed by victims of securities fraud who suffered similar economic injuries from the same defendant(s).

Securities Law

Federal and state statutes that regulate securities transactions and other exchange dealings, governed predominantly by the SEC.

Settlement Class

A class of plaintiffs certified by a judge to take part in a class action lawsuit of whom satisfy all the prerequisites of the Federal Rules of Civil Procedure (FRCP)—Rule 23(a).