Wednesday, July 30, 2008
Today the Wall Street Journal commented on a recent uptick in securities class action filings. This is not surprising given the level of fraud in the financial markets sector as well as the credit crunch. Unfortunately, plaintiffs must often clear extremely high hurdles in order to succeed in such cases. These hurdles have been placed by pro-corporate legislation as well as caselaw. That being said, consumers and homeowners have been financially devastated by the credit meltdown and collapse of mortgage backed securities. As such, a number of viable class action claims against companies such as Countrywide and Indymac may pop up. Banks that perpetuated this system of fraud and greed are also vulnerable to class action claims. If you are either a shareholder of such companies or a depositor or homeowner victimized by the practices of banks and lending institutions, you should contact a class action lawyer to explore your rights.