A lawsuit a day: U.S. securities class actions soar [Reuters (UK)]
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Source: Reuters
A lawsuit a day: U.S. securities class actions soar | Reuters 3 Min Read (Reuters) - The number of class action lawsuits in the United States accusing companies of fraud and other securities law violations soared in 2017, topping one a day even as the value of settlements plunged, a study released on Monday shows. There were 432 shareholder lawsuits accusing companies of making false or misleading statements or concealing bad news about their businesses or mergers, up 44 percent from 300 in 2016, NERA Economic Consulting said in the study. That number was the highest since a federal law to curb frivolous lawsuits, the Private Securities Litigation Reform Act, took effect in 1995, without taking into account “laddering” cases related to initial public offerings. NERA, based in New York, said much of the jump came from lawsuits objecting to mergers, which more than doubled for a second straight year, to 197. The number of settlements excluding merger cases also rose, to 148 from 113 a y
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