PricewaterhouseCoopers' Securities litigation and investigations practice conducted its 12th annual evaluation of the private securities class action suits processed over the year.
Most notable in 2007 was the escalation of what has been termed the subprime crisis, the full implication of which have yet to be seen in the financial and legal worlds. After a two-year decline and sluggish start to the year, total federal class actions filed in 2007 increased once more, reversing the previous downturn, according to the study.
During 2007, a total of 113 settlements were reached, comparable with the 112 reached in 2006. Also notable, the number of federal securities class action lawsuits filed against foreign private issuers increased in 2007 by 93% to 27 cases compared to 14 cases filed in 2006.
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