Because the lawsuits are so expensive to litigate and to resolve, securities class action litigation has long been the subject of both scrutiny and criticism. However, while the history of concern about securities litigation is long, the case can be made that there has rarely been a time when securities litigation in the U.S. deserves a critical look more than it does now. As has been well-documented on this site and elsewhere, securities class action lawsuit filing activity has been a record levels for the past two years. Signs are so far this year that these heightened levels of activity, which can only be described as alarming, are continuing. Given these circumstances, it is hardly surprising that business groups and others are now raising calls for another round of securities class action litigation reform.
On Tuesday, February 26, 2019, it was my pleasure to be able to participate as a moderator on an interesting panel sponsored by the U.S. Chamber Institute for Legal Reform, in an event held at the National Press Club in Washington, D.C. Joining me on the panel were Andrew Pincus of the Mayer Brown law firm and Professor Adam Pritchard of the University of Michigan law school. Both Pincus and Pritchard presented papers in advance of the session, which they discussed at the panel. The session was serious, informative, and thought-provoking. I discussed Pincus’s paper in a prior post (here). I hope to discuss Pritchard’s paper in a post within the next few days. Both papers can be found on the Institute’s website, here. Pincus’s paper is discussed in the Institute’s February 26, 2019 press release (here). Pritchard’s paper is discussed in a separate February 26, 2019 press release from the Institute, here.
I would like to thank the Institute for inviting me to be a part of this interesting and serious event. It was a privilege and honor to moderate the panel and to be a part of the session. I would in particular like to than Harold Kim, the Institute’s Chief Operating Officer, who was the master of ceremonies at the event and who said some very kind words about my blog in introducing me. I congratulate the Institute staff for organizing a first class and highly successful event.