A class-action lawsuit has been filed against Cusip Global Services, S&P Global, FactSet Research Systems and the American Bankers Association (ABA), alleging issues related to the assignment and maintenance of Cusip numbers, unique identifiers for financial securities. The lawsuit, details of which emerged Friday, centers on claims of inaccurate or delayed Cusip assignments, potentially impacting market participants.
The legal action follows a recent shift in the landscape for Cusip administration. FactSet has become the new home for Cusip, a move that has prompted cautious observation from within the financial industry, according to reports. Previously managed by ABA, the transfer to FactSet was completed in early 2026.
The lawsuit alleges that errors in Cusip data have led to trading disruptions and financial losses for investors. Plaintiffs claim that the defendants failed to implement adequate quality control measures, resulting in inaccurate or incomplete Cusip information. Specific details regarding the extent of the alleged damages were not immediately available.
FactSet now provides the CUSIP Database, and S&P Global is involved in the process, raising questions about the division of responsibility and oversight. The American Bankers Association’s previous role in Cusip administration is also under scrutiny as part of the legal challenge.
Representatives for Cusip Global Services, S&P Global, FactSet, and the ABA have not yet issued public statements regarding the lawsuit. The case is expected to draw significant attention from market participants who rely on accurate Cusip data for trading, settlement, and regulatory reporting.
The lawsuit’s progression will be closely watched by the financial industry, particularly given the recent transition of Cusip management to FactSet. A hearing date has not yet been set, and the defendants have yet to file a formal response to the allegations.
