Securities Class Actions On The Upswing: Report
The Securities Class Action Clearinghouse and Cornerstone Research were referenced in a Chicago Daily Law Bulletin report about a recent increase in class action activity:
The report includes these highlights:
- An increase in finance sector filings was fueled by the subprime crisis with that sector accounting for more filings than all other industries combined. The financial sector had 63 filings in the first six months of 2008, up from 30 in the second half of 2007 and 19 in the first half of last year.
- The defendants facing lawsuits also registered financial losses not seen since 2002.
- "Mega-filings," which represent maximum dollar losses of $10 billion or more, spiked during the first half of this year. The 17 filed in the first half of this year are larger than the total filings in 2007, when 16 were filed.
The report is available online at http://securities.cornerstone.com