An article in the Financial Times examines the recent “Mass Torts Made Perfect” seminar held in Chicago. The trial lawyers in attendance appear to agree that Wall Street is a ripe target, with the $1.4 billion settlement by the investment banks for analyst fraud merely the beginning.
Quote of note: “Mike Papantonio, the head of the mass tort department at Florida law firm Levin, Papantonio who has a record of securing million-dollar awards, said: ‘The money from Spitzer is a drop in the bucket. [Investment bank] reserves need to be in line with the major pharmaceutical companies.'”