Former PBGC Director to Join Financial Recovery Technologies as Senior Advisor

Charles Millard Brings Extensive Pension, Government Expertise to Class-Action Recovery Strategies

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May 24, 2010, 01:00 ET

BOSTON, May 24 /PRNewswire/ -- Financial Recovery Technologies (FRT), which helps institutional investors recover more from class-action settlements, has named to its advisory board Charles Millard, former director of the Pension Benefit Guaranty Corporation (PBGC).

"Charles brings to our clients a wealth of expertise and insight compiled over a 30-year career in management, finance and government," said FRT President David Bedard. "We are excited to have him join our growing team of top tier advisors as we continue to build our business."

Millard, currently president of Cardinal Advisors LLC, a consulting firm focusing on the needs of international and domestic pension plans, served from 2007 to 2009 as the first PBGC director to receive U.S. Senate confirmation. PBGC insures the pensions of over 40 million Americans with a workforce of 2,500 employees, protecting pensions with combined assets of over $2 trillion and directly managing $50 billion in manageable assets. Mr. Millard's tenure at PBGC was marked by his initiatives to reduce long-term deficit from $18 billion to $11 billion through more aggressive stances in bankruptcy negotiations and investment policy diversification.

"As securities class action settlements continue to grow and become more complex, FRT's technology and sophisticated algorithmic approach to claims recovery is compelling," said Millard. Millard also noted a study that found that almost two-thirds of the country's financial institutions do not file for claims for which they may be eligible, and the ones that do often do so incorrectly or inefficiently.

Prior to his appointment to the PBGC, Millard served as a managing director with Lehman Brothers and Prudential Securities, a senior cabinet official on economic development to New York City Mayor Rudolph Giuliani, managing director of Broadway Partners, a national real estate and management firm; and was twice elected to the New York City Council.

About Financial Recovery Technologies

Boston based Financial Recovery Technologies (FRT) is a leading global provider of securities class action claims processing services. FRT's proprietary technology platform provides comprehensive services enabling institutional investors to maximize recovery from securities class action settlements. It is a member company of The Cross Country Group. Additional information is available at www.frtservices.com

About The Cross Country Group

Headquartered in Boston, Massachusetts and privately held, The Cross Country Group (CCG) and its member companies provide best in class technology-enabled service programs across a broad spectrum of industries, including automotive, insurance, financial services and others. CCG's companies serve more than 100 corporate clients and their 75 million customers each year. For more information, visit www.crosscountrygroup.com.

SOURCE Financial Recovery Technologies