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SEC Settlement Trends: 2H 2011 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) 3. Goldman, Sachs & Co. ($550MM) 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 Max Gulker James Overdahl |
Our latest update reviews settlement data through the end of the SEC's 2011 fiscal year (FY11). According to the report, the SEC settled with 682 defendants in FY11, almost unchanged from the 680 settlements in FY10. The report, SEC Settlement Trends: 2H11 Update, also notes that there has been an increase since FY09 in settlements with financial services firms for misrepresentations to customers or misappropriation of funds, and an offsetting decrease in settlements relating to public company misstatements. In addition, median settlement values increased for companies and individuals, as well as for virtually all categories of allegations. Read our 2H 2011 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 September 30, 2011. Our original paper, released in November 2008, provides an overview of trends we have identified in the number of settlements and settlement values since the passage of the Sarbanes-Oxley Act (SOX). |
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Recent Trends in Securities Class Action Litigation: 2011
Year-End Review
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The pace of filings of class actions under federal securities and commodity laws held relatively steady in 2011 as compared to the previous three years, according to this edition of NERA's semi-annual study, Recents Trends in Securities Class Action Litigation: 2011 Year-End Review . Co-authored by Senior Consultants Dr. Jordan Milev, Robert Patton, and Svetlana Starykh and Senior Vice President Dr. John Montgomery, the study projects a total of 232 shareholder class action filings in 2011, broadly in line with levels observed in 2010 (241), in 2009 (218), and in 2008 (245). However, the authors find that there has been a substantial shift in the composition of suits filed. A surge in cases involving Chinese companies listed in the US and in M&A objection suits, along with a waning of credit-crisis cases, has been driving this trend. Read the new study.
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