Previous ILR research has highlighted the primary drivers of the ongoing crisis in securities litigation: merger and acquisition challenges and event-driven litigation, both of which are exacerbated by rising numbers of parallel federal and state filings after Cyan. ILR Briefly: An Update on Securities Litigation examines how these trends evolved in 2019 and are playing out in 2020, with additional analysis of how the ongoing Coronavirus pandemic may drive securities litigation moving forward.
Finally, this edition of ILR Briefly puts the spotlight on abusive practices by some securities class action plaintiffs’ firms by detailing the resolution of the long-running State Street litigation. According to the federal district court opinion that concluded the investigation into plaintiffs’ lawyer fee requests in State Street: “[T]his case demonstrates that not all lawyers can be trusted when they are seeking millions of dollars in attorneys’ fees and face no real risk that the usual adversary process will expose misrepresentations that they make.”
Hear ILR President Harold Kim discuss this report with Andy Pincus of Mayer Brown and Kevin LaCroix of D&O Diary in the first ILR Briefly Live Event.