The Chris Voss Show - The Chris Voss Show Podcast Financial Recovery Strategies Booth Interview at TRANSACT 2019

Episode Date: May 2, 2019

Financial Recovery Strategies Booth Interview at TRANSACT 2019

Hi, this is Foss here from thechrisfossshow.com. We are here at TransAct 2019 in Las Vegas, and we're at the booth of Financial Recovery Strategies, booth number 2728. Be sure to come on down and check it out and say hello to these gentlemen if you get a chance. I'm here with Harris Love. How are you doing, Harris? I'm doing great, thank you.

Good, good. And what do you do with Financial Recovery Strategies? Well, I'm Executive Vice President of Revenue. Okay. Financial Recovery Strategies is a class action management company. What we do is we help our clients recover money from class action settlements. So today, we're here at this conference in order to meet up with those in the payments industry. As we are working right now on a $6.24 billion settlement

with Visa and MasterCard, we are helping merchants recover money from that settlement fund. So we are here to partner with ISOs and merchant service providers in order to work with their merchants and obtain a recovery from that settlement fund. So a lot of these companies that are here, they're service providers, they're payment processors and stuff like that. So they work with a lot of companies. They're going to be wanting to recover the money from different settlements as well, right?

So you guys will call that up, help them chase down the money. So we can work with their merchants and their clients on the Visa MasterCard opportunity and get them a recovery from that. We can also sign up those clients for other class actions that we manage. We cover over 200 class actions on a day-to-day basis. So there's plenty of opportunities that we can get recoveries from their merchants and clients, and it's a value add to all of their organization. Wow, man, I should have gotten the business of class action lawsuits.

There's a lot of money in this, isn't there? There's money to go around. Settlements can sometimes range in millions, tens of millions, even hundreds of millions, and even over a billion dollars some of the settlement funds can be. So there's always a lot of opportunities out there, and we're covering money on a day-to-day basis for our clients in these settlement funds. That is awesome sauce. So let's say say what's the biggest lawsuit or trackdown of money you guys have ever done? Is there a record you guys have set? Yeah, the Visa MasterCard settlement is $6.84 billion, which is the largest antitrust settlement in U.S. history.

Wow. So that's obviously one of the larger ones. And there's ones for auto parts. There's ones for computer components. Some of those are over a billion dollars in settlements. Wow. And then there's ones that are in the hundreds of millions of dollars for other computer components. So, you know, we've recovered over $200 million on behalf of our clients over the years.

And that number continues to grow on a multi-billion basis. So there are companies out there that probably have a chance at getting some of this recovered money and they just need to work with you and find out if they're a part of the giant settlements they have out there. Yeah, I mean we work on a day-to-day basis doing research, finding the new opportunities to bring to our clients and also other class members to not only educate them about the opportunities but to also handle the entire planning filing process from start to finish. Wow. So it's a lot of work on our end to keep the burden off of our clients and to help them

get the job done. So I think that's a great point. to keep them about the opportunities, but to also handle the entire claim filing process from start to finish. Wow. So it's a lot of work on our end to keep the burden off of our clients. They don't have to worry about which opportunities to enroll in, which opportunities not to enroll in, or even spend the time researching what opportunities are out there. If we can take on that research for them, bring those opportunities, and then handle the claim filing process on their behalf.

So what would you say the type of clients, the kind of industries, is it pretty much just payment processors, or what sort of other industries should be looking at to be your clients? Well, our clients range in industry from any industry. So we can work with any client from any industry because the subject matter of the product or service that is at issue in the class action touch any industry. So it really does not matter what industry the clients are on.

Obviously, those who are taking payments via credit card right now, they are applicable to the Visa MasterCard Center. So a lot of your clients are going to be the people who are processing the Visa MasterCard and hopefully we'll have some money coming to them. You guys track it down, find out where it's at, and hopefully they hit payday. Yep, they will. I know I've gotten some big paybacks on our merchant credit card accounts for some of our big companies, and I never knew what they were from,

but it's always kind of good when you find extra money that you have laying in the couch, if you will. The proverbial business couch. So there's that. There's nothing better than sending out checks for products or services that they purchased sometimes as far back as 1995. Holy crap! That's true because they just take this money

and they pull it and put it into a trust or something like that, right? Once these cases settle the money goes into a settlement fund into escrow and put it into like a trust or something like that right? Yeah, once these cases settle, the money goes into a settlement fund, into escrow, and then it's distributed after the claims filing process has been completed. The process can range sometimes from a couple of months to a couple of years, depending on the outstanding issues that are sort of at work. But, you know, we are handling that process for our clients. So as I say, they work with us and they just wait for the checks to come in.

That is awesome sauce. And it's probably a really good business, huh? I imagine. You guys are in it. Yeah, I've been in the industry myself for seven years now, and it's a great business. And we love working with our clients to get these recoveries and get that money that's sitting under the couch.

Oh, cool. Well, is there anything more we should know about financial recovery strategies? That's it. I thank you for your time, and thank you for joining us and having us on your show. Thanks, guys. And come down and check out their booth. It's booth number 2728. They're at the Transact 2019 Mandalay Bay right by the, I should say, the Discover Card booth.

So if you see that, you can come down. You can get some goodies too. Look at this. They got like, looks like we got cups. We got dice. We got chips. You'd think these guys were in Vegas or something. Golf clubs. Well, that's the whole

reason I came down was for golf clubs. I don't golf. I just swear a lot. So there's that. Anyway, guys, be sure to come down and check out the booth. We certainly appreciate you guys tuning in. What's the website everyone can look this up at? We are at frsco.com. All right, frsco.com.

Be sure to check them out, guys, and we'll see you next time.