Securities class action settlements increased in 2013, according to a study released today by Cornerstone Research. Not only did the number of settlements go up—from 57 in 2012 to 67 last year—but total settlement dollars surged by 60 percent.
“In 2013, total settlement dollars, at $4.8 billion, reached the highest level since 2007, driven by both the increase in the number of settlements overall, as well as the increase in extremely large settlements,” reports coauthor Laura Simmons, in a statement. She mentioned the largest settlements last year involved pharmaceutical firms or financial institutions with subprime mortgage allegations.
