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February 27, 2019

Securities Litigation “Back With a Vengeance,” ILR’s Harold Kim Says

U.S Chamber Institute for Legal Reform (ILR) Chief Operating Officer Harold Kim told Corporate Counsel that a key takeaway from ILR’s “Securities Litigation Contagion” event yesterday is that securities litigation is “back with a vengeance” after the reforms of the 1990s.

Kim said the event was “a declaration that enough is enough and something needs to be done” on the rising number of securities lawsuit flings that have already reached all-time highs. Andrew Pincus, a partner at the Mayer Brown law firm, said “public companies today have the highest possibility of being sued of any time in history.”

ILR released two research pieces on securities litigation at the event: “Containing the Contagion: Proposals to Reform the Broken Securities Class Action System” and “Risk and Reward: The Securities Fraud Class Action Lottery.” The papers discuss why securities lawsuit flings are at all-time highs, the incentives for lawyers to file these suits, and potential solutions to help curb abuse.

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