Securities Class Actions Against Financial Institutions

Law360, New York (October 15, 2008, 12:00 AM EDT) -- As the devastation wrought by the ever-widening subprime and financial markets maelstrom has spread throughout the world, the outlook for United States financial institutions continues to progress from bad to worse.

In a three-month span, nine American banks -- including the nation’s former largest savings and loan, Washington Mutual -- have been closed by regulators.[1]

In the year, the Federal Deposit Insurance Corporation (FDIC) has shut down thirteen banks, and the agency recently invoked its authority to force a sale of financial services giant Wachovia Corporation....
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