So far there have been a grand total of 13 class action settlements in cases involving the financial crisis, and the list includes some big names. One of the earliest was Merrill Lynch's January 2009 subprime settlement, $550 million in two suits, just before it was acquired by Bank of America (BAC - Get Report). This year there are a grand total of four settlements related to the financial crisis: MoneyGram (MGI - Get Report), General Growth Properties (GGP), and two companies people have heard of, Charles Schwab (SCHW - Get Report) and Countrywide Financial (also acquired by Bank of America). The Countrywide settlement was just before Memorial Day. Nothing since.In contrast to a mere baker's dozen settlements, the court dockets have been chock full of dismissals. Reams upon reams of dismissals. From IndyMac (IMB) back in 2007 to New Century (NCBC)right afterwards, Novastar Financial, Washington Mutual (acquired by JPMorgan Chase (JPM - Get Report)), Citigroup (C - Get Report), the Blackstone (BX - Get Report). Just the other day, the Ninth Circuit Court of Appeals sustained a lower court's dismissal of one of those cases, brought against Impac Mortgage Holdings (IMH - Get Report)and two of its officers. Impac vigorously fought the charges and won a resounding victory, with no small help from the PSLRA.
Financial Reform Leaves Vile Law Intact
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