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March 12, 2014

The Problem with Frequent Filers

It’s time to put some limits on class-action frequent filers says a Washington Examiner editorial.

The Examiner highlights ILR’s recently-released study, Frequent Filers: The Problems of Shareholder Lawsuits and the Path to Reform, that spotlights professional plaintiff investors who file lawsuit after lawsuit, as well as the ‘pay-to-play’ arrangements between plaintiffs lawyers and state officials:

Reforms recommended by ILR include disclosure of all campaign contributions by named counsel to officials connected with the plaintiffs. Taxpayers should know, for example, when an attorney general selects a large donor’s law firm to represent the state employee pension system in class-action litigation. Plaintiffs should also be required to meet a significant ownership threshold in securities cases, and officials should impose reasonable annual caps on frequent filers.

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