In this Class Action Litigation Report article, the authors note that although securities class actions continue to be big news, there has been little change in either settlement terms or filings over the past 12 years.

Since the Sarbanes-Oxley Act was adopted in July 2002, the authors note, any immediate effects of the legislation on securities class actions would likely now be evident in the data. Yet although securities litigation continues to increase as a long-term trend, the authors find that there is no change in the number of filings or the size of settlements as a result of SOX. Except for a significant drop in 1996 after the passage of the Private Securities Litigation Reform Act, standard filings have hovered around the 200 mark per year.

While there were a handful of blockbuster settlements in 2003, the overall picture reveals a drop in average and median settlements in 2003. Two-thirds of 2003 settlements were under $10 million, although there were six over $100 million.

Reproduced with permission from Class Action Litigation Report, Vol. 5, No. 8, pp.304-307 (April 23, 2004). Copyright 2004 by The Bureau of National Affairs, Inc. (800-372-1033). www.bna.com.