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Big Penalty Set For Law Firm, But Not A Trial

Publication Date: 
June 17, 2008
The New York Times
Jonathan D. Glater

Professor Joseph A. Grundfest is quoted and the Securities Class Action Clearinghouse is referenced in a New York Times story about the Milberg Weiss settlement agreement:

...The higher standards that courts have begun imposing on shareholder suits are not directly related to the Milberg investigation, but instead have much to do with the positions adopted by the Supreme Court and intermediate appellate federal courts.

But the number of shareholder lawsuits has not dropped greatly. Last year, 176 suits were filed, up from 118 in 2006, but down from a high of 497 in 2001, according to the Securities Class Action Clearinghouse at Stanford Law School. So far this year, 101 suits have been filed.

“Securities fraud filing activity is very robust this year,” said Joseph A. Grundfest, founder of the Stanford Clearinghouse. “There is no shortage.”