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Subprime Lawsuits Soar To Record High: Study

Law360 (April 23, 2008, 12:00 AM EDT) -- Litigation sparked by the subprime mortgage meltdown hit record levels in the first quarter of 2008 and is close to surpassing the number of savings-and-loan suits filed in the early 1990s, a new study has revealed.

The number of cases stemming from the credit market crisis jumped 85% from the next busiest quarter, with 170 cases filed in federal courts in just three months, according to the study by Chicago-based Navigant Consulting Inc.

“Like the credit crunch itself, the litigation is unrelenting,” Jeff Nielsen, Navigant's managing...
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