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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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Trends in Canadian Securities Class Actions: |
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Securities class action filings in Canada reached their highest level to date in 2011, with 15 new filings, according to this newly released edition of NERA's study, Trends In Canadian Securities Class Actions: 2011 Update. The previous high was 12 filings in 2008. The study's co-authors, Vice President Bradley A. Heys and Senior Vice President Mark L. Berenblut, report that driving this increase in filings are so-called "Bill 198" cases, which are those involving claims in respect of an issuer’s continuous disclosure obligations pursuant to PartXXIII.1 of the Ontario Securities Act and analogous sections of the other provincial securities acts. The study also notes that three of the new filings during 2011 were made against Chinese companies whose shares trade on the TSX or TSX Venture Exchange. These filings are a reflection of one of the major trends driving class action filings in the United States last year. Read the new study.
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