The dollar amounts of federal securities class action settlements reached record highs last year, two industry surveys have reported. An executive at Securities Class Action Services -- which estimates the total at $18 billion -- called 2006 a "perfect storm," because of mega-cases involving Enron, AOL-Time Warner, Nortel Networks, Royal Ahold and McKesson Corp. However, observers who track case filings and potential legal and economic developments say the dizzying totals may drop.
March 30, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The dollar amounts of federal securities class action settlements reached record highs in 2006, two industry surveys have reported.
Securities Class Action Services (SCAS) estimates that the total was $18 billion, about $1 billion higher than a finding by Cornerstone, whose count topped its 2005 figure by $3.5 billion — an increase of more than 300 percent.
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