Securities class action filings increased from 116 filings in 2006 to 166 filings in 2007, with at least 32 of the 2007 filings (many of which were filed in the second half of the year) relating to the collapse of the subprime mortgage market.[FOOTNOTE 1] Although one would expect the subprime mortgage mess to create fertile ground for zealous securities class action plaintiffs, there have been a number of important countervailing factors at work, ensuring that it is ultimately the plaintiffs who have been drawing the short straw.
Recent pro-business, defendant-friendly legal precedent from both the U.S. Supreme Court and the influential 2nd U.S. Circuit Court of Appeals has significantly contributed to the anti-plaintiff atmosphere.
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