2008 Year-End Securities Litigation Reports Are Out; The Financial Sector Was Hit Hardest By Increased Class Action Filings
NERA and Cornerstone Research (in cooperation with Stanford Law School’s Securities Class Action Clearinghouse) recently issued their respective assessments of securities litigation for 2008. Both report that federal securities class action filings increased over 2007, due largely to the economic crisis and the Madoff scandal. The bulk of class action filings were made in the Second Circuit, and were focused heavily on the financial sector. In fact, nearly one-third of all large investment banks were hit with securities class actions in 2008. (We previously reported on mid-year 2008 assessments here.)
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