CCC played a crucial role as the market maker in the approval of the case’s settlement; Superior Court Judge Philip Carchman even stated that he would not have approved the settlement but for the existence of CCC as its market maker. CCC bought and sold approximately 260,000 coupons. Approximately 150,000 coupons were redeemed outside of CCC, less than 5% of the total amount of coupons. As the market maker, CCC more than doubled the amount of coupons that were redeemed, displaying CCC’s ability to effectively generate relief for the class.
CCC could have facilitated the transaction of more coupons, but AT&T covertly shut down the market for coupons by rendering the coupons not redeemable at stores and not accepting the coupons from vendors. CCC sued AT&T as part of a class for effectively closing the market before the coupons expired. The class won the case and was awarded $15 million.