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Securities Filings Remain Elevated Despite the Pandemic
Despite unprecedented disruptions to the court system from the COVID-19 pandemic, plaintiffs continued to bring securities class actions at elevated levels in 2020 a sign that filings will remain high in the year ahead. Based on data from Cornerstone Research through September 30, 2020, plaintiffs were on pace to file approximately 375 federal and state securities class actions through the end of the year. Although lower than the more than 400 actions filed in each of the previous three years, this figure substantially exceeds the 261 cases brought, on average, between 2010 and 2019.
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(Reuters) - The U.S. Supreme Court agreed Friday to hear what the investment bank Goldman Sachs has called “the most important securities case to come before the court” since the justices left intact the essential framework of shareholder class actions in 2014’s Halliburton v. Erica P. John Fund. The justices will review a split 2020 decision by the 2nd U.S. Circuit Court of Appeals, which upheld the certification of a class of Goldman Sachs shareholders to proceed with claims that the bank lied to shareholders when it touted its business principles and procedures for averting conflicts with investors.