A new report by Cornerstone Research shows that total settlement dollars in securities class action lawsuits reached a 16-year low in 2014. The report found total settlements dropped to $1.1 billion, from $4.8 billion in 2013, primarily due to a lack of large cases.
According to the report, "Securities Class Action Settlements – 2014 Review and Analysis," the number of settlements was little changed last year at 63.
The largest settlement in 2014 was a case involving Massey Energy Co., whose parent company agreed to pay shareholders $265 million to settle a class action alleging that Massey violated securities laws by misrepresenting its safety record. Stock prices fell after a 2010 explosion in a West Virginia mine killed 29 miners.
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