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2017 was a near record year for securities class actions, as the number filed jumped from 271 in 2016 to 412 in 2017—well above the average of 193 per year for the years 1997 to 2016. Only 2001 was comparable, and both 2001 and 2017 were inflated by special factors. Add to this growth the $3 billion settlement in the Petrobras litigation this year (plus the highly favorable ruling by the Second Circuit in Petrobras last year), and the plaintiff’s bar may feel that it has struck gold.
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