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Plaintiffs filed 198 new federal class action securities lawsuits in this year’s first half, one fewer than the total filed for the comparable period a year ago, says a report issued Wednesday.
These included filings related to mergers and acquisitions, which decreased 21% to 72 in the first half after holding constant at 91 in each semiannual period of 2018, according to the report issued by San Francisco-based Cornerstone Research Inc. and the Stanford Law School Securities Class Action Clearinghouse in Stanford, California.
Litigation filed in state courts has become an issue. In March 2018, the U.S. Supreme Court said in its Cyan Inc. v. Beaver County Employees Retirement System Fund ruling that plaintiffs can file claims under the Securities Act of 1933 in state court.
In 2019’s first half, plaintiffs filed 77 class actions with 1933 Act claims, compared with 51 in all other state courts, according to the report.
The securities class action system is “spinning out of control,” with the number of lawsuits skyrocketing, says the U.S. Chamber of Commerce’s Institute for Legal Reform, in a report issued Tuesday.