10/11/2021 | Press release | Archived content
--To the press -
Masahiro Morimoto, President and CEO
東京 都 港区 港 南 2-12-23
(Code number: 2158 TSE Mothers)
FRONTEO Inc. (Headquarters: Minato-ku, Tokyo, President: Masahiro Morimoto, hereinafter FRONTEO) is a review tool "KIBIT Automator" equipped with FRONTEO's proprietary AI "KIBIT" in investigating bankruptcy law litigation cases in the United States. We would like to inform you that we have contributed to the efficiency of the document review process.
Bankruptcy filings under Chapter 11 of the Bankruptcy Code (equivalent to Japan's Civil Rehabilitation Law) are increasing in the United States against the backdrop of the spread of new coronavirus infections.According to the U.S. Federal Court Secretariat, approximately 2020 bankruptcy filings were filed in the business domain from July 7 to June 2021.1), Large-scale bankruptcies also occurred one after another.
This time, FRONTEO has supported an investigation into a lawsuit filed by a financial institution over asset consolidation filed by an energy-related company in the United States.In a civil lawsuit in the United States, a procedure "discovery" is required to disclose related information and materials to the other party and to collect testimony before proceeding to the trial.Among them, the process called "document review" to find related information is said to account for about 7% of the time and cost involved in the discovery process.In recent years, with the rapid increase in the amount of data handled by companies, etc., the amount of data to be investigated in these processes has also increased, and it is necessary to find necessary information from a huge amount of data within a limited time. , Utilization of tools such as AI is indispensable.
By utilizing KIBIT Automator in this project, FRONTEO has realized a reduction in the time required for discovery and efficiency (15% reduction compared to the case where all documents are manually confirmed by humans).
KIBIT Automator is highly evaluated for being able to find "data you want to find" in a short time from a huge amount of data, and it is widely used in litigation cases in various fields such as competition law, export control law violation, personal information leakage, etc. in the United States. It has been adopted. FRONTEO will continue to promote the sophistication of AI solutions, reduce the burden and efficiency of corporate proceedings in international proceedings, and contribute to the early resolution of problems.
1) United States Courts: US Bankruptcy Courts - Business and Nonbusiness Cases Filed by Chapter of the Bankruptcy Code - During the 12-Month Period Ending June 30 2021, https://www.uscourts.gov/sites/default/files/data_tables/bf_f2_0630.2021.pdf[Confirm 2021.10.11]
Public Relations Officer, FRONTEO Inc.
E-mail: [email protected]