U.S. federal securities class action suits in 2008 rose 29 percent over the previous year fueled by the global financial crisis, according to a consulting firm report released recently.
New York-based PricewaterhouseCoopers' "2008 Securities Litigation Study," found federal class action security lawsuits increased by 47, from 163 case filings in 2007 to 210 last year.
"The unprecedented financial events of 2008 eclipsed all other issues during the year," said a statement from Grace Lamont, PwC principal and U.S. securities litigation practice leader and editor of the study.
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