---
title: "Modelling a class action (CLSA)"
slug: "modelling-a-class-action-clsa"
updated: 2026-08-04T11:11:28Z
published: 2026-08-04T11:11:28Z
canonical: "support.lusid.com/modelling-a-class-action-clsa"
---

> ## Documentation Index
> Fetch the complete documentation index at: https://support.lusid.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Modelling a class action (CLSA)

You can model a cash dividend as a corporate action of type `ClassActionEvent` in LUSID. [See all supported corporate actions](/v1/docs/understanding-dedicated-corporate-action-events).

Note the following:

- `ClassActionEvent` is valid for instruments of type `Equity` and `SimpleInstrument`.
- The entitlement date is the `classPeriodStart` specified when you load `ClassActionEvent`, not `exDate` or `recordDate`.
- The settlement amount is not calculated by LUSID. It is a flat cash amount, already determined externally by the settlement fund's claims administrator, and supplied directly when you load the event. It does not scale with the number of instrument units held.
- The transaction date and settlement date of the automatically-generated output transaction are both `paymentDate`.

## Loading `ClassActionEvent`

You must load `ClassActionEvent` into a corporate action source registered with one or more portfolios. The event then impacts every registered portfolio with a holding in the underlying instrument. [See how to do this](/v1/docs/how-do-i-upload-corporate-actions-to-a-corporate-action-source).

For more information on fields, see the [ClassActionEvent](https://www.lusid.com/docs/api/lusid/schemas/ClassActionEvent/) schema. Where set, the following date validation rules apply: `classPeriodStart ≤ classPeriodEnd ≤ filingDeadline ≤ paymentDate`

Only one participation type is valid, and you must specify two elections:

| Participation type | Election(s) | Election choices | Further action required? |
| --- | --- | --- | --- |
| `Voluntary` | A single `CashOfferElection` keyed `CASH` | Set the following: ❌ **Is default** You *can* set the following if desired: ✅ **Is chosen** | ❓Depends. If you specify **Is chosen** on `CashOfferElection`, no further action is required. If not, you must instruct to receive `CashOfferElection` (see below), else `LapseElection` occurs and no cash is received. |
| A single `LapseElection` keyed `NOAC` | Set the following: ✅ **Is default** |

## Instructing to settle per portfolio

If the single `CashOfferElection` does *not* have **Is chosen** specified, you must instruct to receive the election.

To do this, load an *event instruction* into a portfolio. Note this is not an event, and you do not load it into a corporate action source, which means you can choose to instruct or not in different portfolios. [See how to do this](/v1/docs/loading-an-event-instruction-to-override-an-instrument-event-for-a-particular-portfolio).

Note the `instructionType` must be `ElectForHolding`, with `electionKey` set to `CASH` and `quantityInstructed` to `100` (for 100%). `ElectForPortfolio` is not supported by `ClassActionEvent`.

## Configuring the economic impact

You must create a `ClassActionSettle` transaction type to handle the automatically-generated output transaction. This is not provided for you. [See our recommendation](/v1/docs/recommended-transaction-types-for-corporate-action-events#classactionevent).

You can give a transaction type any economic impact you like. Our recommendation:

- Creates or updates a cash holding in the settlement currency.
- Reports the cash as income using the `ProfitAndLoss/Total/Other` [metric](/v1/docs/what-is-a-metric).
- Does not change the units and cost of the underlying instrument, so `ProfitAndLoss/Realised/*` and `ProfitAndLoss/Unrealised/*` metrics are unchanged.

## Reference example

```json
[
  {
    "instrumentEventId": "CLSA-EK8115793-2026",
    "instrumentIdentifiers": {
      "Instrument/default/ClientInternal": "EK8115793"
    },
    "description": "Class action settlement - EK8115793",
    "instrumentEvent": {
      "instrumentEventType": "ClassActionEvent",
      "paymentDate": "2026-10-01T00:00:00.0000000+00:00",
      "filingDeadline": "2026-09-15T00:00:00.0000000+00:00",
      "classPeriodStart": "2023-01-01T00:00:00.0000000+00:00",
      "classPeriodEnd": "2024-06-30T00:00:00.0000000+00:00",
      "caseReference": "CLSA-EK8115793-2026",
      "cashOfferElections": [
        {
          "electionKey": "CASH",
          "isDefault": false,
          "isChosen": false,
          "cashOfferPrice": 10000.00,
          "cashOfferCurrency": "EUR"
        }
      ],
      "lapseElections": [
        {
          "electionKey": "NOAC",
          "isDefault": true,
          "isChosen": false
        }
      ]
    },
    "participationType": "Voluntary"
  }
]
```