Easy Targets: Underwriters Fork Out $8.2B+ In '05 Fraud Settlements

Law360, New York (November 14, 2005, 12:00 AM EST) -- A survey by Securities Law Bulletin shows plaintiffs firms are now targeting underwriters and advisors more aggressively than ever before, with nearly half of all reported securities fraud settlement dollars in 2005 squeezed from so-called third party defendants - primarily investment banks.

Reported fraud settlements this year have so far generated $17.2 billion, with the list topped by the Canadian Imperial Bank of Commerce’s $2.4 billion hit. Citigroup and J.P. Morgan Chase & Co. tied for third and fourth with $2 billion each. Overall, nearly half...
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