Class Action Securities Lawsuit Settlements On The Rise
A recent report released recently has shown that class action securities lawsuit settlements have risen sharply and hit an all time high last year. The economic and financial consulting firm, Cornerstone Research, provided the data, which indicated that the value of class action cases of this nature was the highest ever tracked by the company, and rose by 17% compared to the previous year.A massive $9.7 billion was paid out in 2005 for class action securities lawsuit settlements according to the reports. This included a $6.2 billion settlement from WorldCom, but Cornerstone state that even without taking this into account the figures would have still been the highest recorded by the firm.
The report indicates that both the number of this type of lawsuits and the size of the settlements has risen. Restatement and institutional investors as opposed to individual ones have added to these figures according to Cornerstone officials.
Regarding restatements one spokesperson stated: "Those cases typically settle for higher amounts." With regards to institutional investors she added: "Institutional investors have larger resources and are taking more control, and that leads to higher settlements."
Topic Added February 28th, 2006
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