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Number of U.S. class action lawsuits related to credit crisis decreases in 2010


July 28, 2010   by Canadian Underwriter


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U.S. class action activity related to the credit crisis has slowed down to a slow trickle, according to a semi-annual report prepared by the Stanford Law School Securities Class Action Clearinghouse, in cooperation with Cornerstone Research.
The report, Securities Class Action Filings-2010 Mid-Year Assessment, notes federal securities class action activity during the first six months of 2010 has declined to the lowest semi-annual level since the first half of 2007.
“A total of 71 federal securities class actions were filed in the first half of 2010, a 15.5% decline from the 84 filings in each half of 2009,” the report notes. “The decline in filings is associated with a decrease in credit-crisis-related litigation, which accounted for only eight filings in the first half of 2010 compared with 37 filings in the first half of 2009 and 16 filings in the second half of 2009.”
Financial companies were defendants in 29.6% of the filings in the first half of 2010.


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