In the wake of most economic crises, the silver lining for lawyers and law firms is a surge in litigation. In the current crisis, the massive scale of government intervention may limit the scope of private action. Instead, the government, especially if it proceeds with a proposal for a bailout agency similar to the Resolution Trust Corporation created in response to the 1980s Savings & Loan crisis, could emerge as the biggest litigant of all. Much of the litigation could be on behalf of taxpayers.
U.S. Could Emerge as Major Player in Suits Stemming From Financial Crisis
New York Law Journal
September 22, 2008