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The changing mix of corporate and securities litigation is a recent phenomenon on which I have frequently commented on this blog. While identifying the fact of the change is relatively straightforward, explaining it is more challenging. According to a January 11, 2012 article in The Review of Securities & Commodities Regulation entitled "Shareholder Litigation After the Fall of an Iron Curtain" (here), written by Boris Feldman of the Wilson Sonsini law firm, the changing pattern in corporate and securities litigation filings is a result of changes in the plaintiffs' securities litigation bar - particularly to the closing of the dominant plaintiffs' firm. These changes, according to Feldman, have resulted in the five recent securities litigation trends he identifies in his article.
For many years, according to the article, the Milberg Weiss law firm was the "dominant securities plaintiffs' law firm." Even after it split into two separate law firms on the East and West Coasts, it was, according to Feldman, "the 800-pound gorilla of the shareholder litigation jungle." In addition to dominating t he litigation, the firm "exercised some discipline" on the rest of the plaintiffs' securities bar, demonstrating "substantial influence over smaller firms and parvenus."
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Read other items of interest from the world of directors & officers liability, with occasional commentary, at the D&O Diary, a blog by Kevin LaCroix.
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