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SEC Settlements Trends: 1Q 2010 Update
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Top Settlements Here are the largest settlements announced by the SEC:By Company 1. American International Group, Inc. ($800MM) 2. WorldCom, Inc. ($750MM) View the full list of settlements By Individual 1. Roys Poyiadjis ($200MM) 2. Charles R. Homa ($193MM) View the full list of settlements __________________________ Securities Blog Digest Catch up on the latest securities posts from The D&O Diary, Securities Litigation Watch, the 10b-5 Daily, and other industry blogs. Updated weekly.__________________________
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Learn more about the research team: Elaine Buckberg Jan Larsen Baruch Lev Paul Hinton |
Our latest update reviews settlement data through the first quarter of the SEC's fiscal year 2010. According to the report, the SEC settled with 205 defendants in 1Q 2010, compared to 181 in the previous quarter and 123 in the first fiscal quarter of 2009. The paper, SEC Settlements Trends: 1Q10 Update; Settlements Jump, But Fewer Involve Financial Payments, also notes that settlement amounts in the first fiscal quarter were generally modest. Both the average and median settlement were lower than for fiscal year 2009 as a whole. Read our 1Q 2010 update. NERA has developed a proprietary database of settlements in SEC enforcement actions by reviewing every litigation release and administrative proceeding document published from July 31, 2002 through December 31, 2009. Our original paper, released in November 2008, provides an overview of trends we have identified in the number of settlements and settlement values in the six years since the passage of the Sarbanes-Oxley Act (SOX). |
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New Study: 2009 Year End Update on Trends in Securities
Class Actions |
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The credit crisis and related financial sector turmoil continued to fuel new federal securities class action filings in 2009, though the pace of these credit crisis cases slowed in the second-half of the year, according to this newly released edition of NERA's semi-annual study. The latest edition, Recent Trends in Securities Class Action Litigation: 2009 Year End Update, shows that securities class action filings are expected to reach 235 cases in 2009, down from 253 filings in 2008. While filings may have declined year-over-year in 2009, they still greatly exceed the 130 filings in 2006, before the start of the credit crisis. Co-authored by Senior Consultant Dr. Stephanie Plancich and Consultant Svetlana Starykh, the study draws from more than 15 years of NERA research on case filings and settlements in securities class actions, and includes data on filings and dismissals through 30 November 2009, and settlements through 31 December 2009.
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Academic Collaborator: Professor Baruch Lev
Professor Lev is the Director of the Vincent C. Ross Institute of Accounting Research and the Philip Bardes Professor of Accounting and Finance at New York University Stern School of Business. Professor Lev is also a Special Consultant to NERA. |
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