Code of Ethics

The FRS Code of Conduct & Ethics

Joint Statement by the Chief Executive Officer and the General Counsel

Since its inception in 2008, FRS has proudly strived to conduct its business in accordance with high ethical standards, and in full compliance with both the letter and spirit of all applicable laws. For example, the FRS Code of Business Conduct & Ethics (the “Code”), which is set forth in the FRS Employee Handbook that is provided to and acknowledged by every FRS employee, contains the policies that each FRS employee are instructed to follow, and standards to which they are held in connection with conducting FRS’s operations. The Code covers a range of subjects, from how to deal with clients, courts, counsel and claims administrators, to the protection of FRS and client information. Members of management have the added responsibility of leading by example, and of monitoring adherence to Code.

Our success is based on delivering high-quality, indeed, unsurpassed, vigilance, honesty and service to our clients, as well as on candor and integrity in all of our business dealings. FRS works very hard to be known, trusted and respected as a top provider in all aspects of its business, and, because successfully providing class action and other claims consulting requires that we establish and maintain the trust of our clients, claims administrators, counsel and the courts, we act with integrity, and deal fairly with each of those stakeholders. FRS constantly looks for ways to ensure that we continue do the right thing. The Code is not a substitute for good judgment, nor does it cover every situation an FRS employee may encounter. The basic principles and standards are set forth, however; each employee is responsible for understanding and following them.

FRS’s shareholders and Executive Management are fully committed to conducting FRS’s business with integrity, and expect strict adherence with the Code and with the law. There is zero tolerance of non-compliance and/or retaliation; any violations will result in swift progressive discipline, including possible termination of employment.

Michael J. Epstein, Chief Executive Officer & President
Jeffrey N. Leibell, Chief Legal & Financial Officer

Synopsis of the FRS Code of Business Conduct & Ethics

The FRS Code of Business Conduct & Ethics (the “Code”) requires every FRS employee to operate ethically and to lead with integrity. The Code describes how each employee should interact with the various groups that have a stake in FRS’s success. This synopsis provides examples of the principles embodied in the Code that FRS employees are instructed to follow.

  • FRS employees should pursue FRS’s business with honor, fairness and respect for everyone they encounter, and should conduct themselves with integrity.
  • FRS employees should comply with the letter and spirit of all laws, regulations and judicial and administrative rulings that govern FRS’s activities, as well as with all FRS policies.
  • FRS employees should deal and communicate openly and honestly with all clients and potential clients, and should not make to them a false or misleading statement of material fact, or fail to issue to them a correction if a statement of material fact previously made to them, believed in good faith to have been accurate when made, is subsequently determined not to have been accurate when made.
  • FRS employees should not:
    • Guarantee a recovery or any recovery amount;
    • State that FRS is acting as class or other counsel, as a claims administrator or as an attorney for a client;
    • Inform a class member that it cannot file a claim on its own;
    • State to a class member that a claim filing process is difficult or laborious so as to dissuade that claimant from filing on its own; and
    • Provide any client or potential client with any misleading or inappropriate information.
  • FRS employees should deal and communicate openly and honestly with all claims administrators, counsel, courts and administrative and governmental bodies, and should not knowingly make to any of them a false or misleading statement of material fact, or fail to issue to them a correction if a statement of material fact previously made to them, believed in good faith to have been accurate when made, is subsequently determined not to have been accurate when made.
  • FRS employees should:
    • Not submit a claim without express authorization from a client;
    • Reasonably assure for each claim that the client is eligible (e.g., that it meets all requirements concerning eligibility, including being located in a qualifying geographic subdivision; being a direct or indirect purchaser as required; when required, having purchased for its own use and not for resale; when required, that it is not a governmental entity; and that it purchased during relevant period); and
    • Exercise sound professional judgment concerning the accuracy and reasonableness of all data sought and collected from, and submitted on behalf of, each eligible client such that FRS may honestly and candidly represent to the claims administrator, counsel and the court that such information is, to the best of FRS’s knowledge and belief, and under penalty of perjury, complete and accurate.
  • Consistent with FRS’s commitment to act openly and honestly in all of its business affairs, all of FRS’s marketing materials should truthfully promote and advertise FRS’s services. Accordingly, all descriptions of the services that FRS provides and of the corresponding fees charged should be truthful and accurate, only fair and fact-based comparisons between FRS’s services and those of its competitors should be made, and facts should not be misstated and clients or potential clients should not be misled.
  • Maintaining the confidentiality of sensitive information is of paramount importance to FRS. Accordingly:
    • FRS treats as confidential all trade secrets and proprietary information about our business activities and those of our strategic partners; and
    • Except as permitted by contract, FRS employees are prohibited from providing in any form any confidential client information to anyone, except to the named client or to that client’s authorized representative.
  • All FRS financial, accounting, database, sales and expense records or reports, time records and other documents should accurately and clearly represent the facts.
  • Because FRS is committed to fair and open competition in markets around the world, all FRS employees are expected to comply with the antitrust/competition laws of the countries in which FRS does business. Accordingly, FRS Representatives should not:
    • Misrepresent facts in order to gain a competitive advantage; and
    • Engage in any sort of illegal or unethical conduct when competing.
  • Any FRS employee who uses social media and clearly identifies his or her association with FRS and/or discusses their work, should behave appropriately and in ways that are consistent with FRS’s policies and practices.
  • FRS strives to provide a safe and healthy work setting for all employees, and has created a working environment that values diversity and protects the right of each employee to fair and equitable treatment.
  • FRS is dedicated to environmental responsibility, and will follow all applicable environmental laws and regulations.
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