On February 24, 2009, Stuart Grant of Grant & Eisenhofer P.A. and Michael Young of Willkie Farr & Gallagher LLP discussed the subject of the potential liability of professionals in the financial crisis with Enforcement Action’s Bruce Carton. The discussion was part of a webcast in which Grant and Young collaborated on a presentation on this topic and answered questions from the audience.
Grant and Young began by explaining that we are now in the “third phase” of securities litigation in the U.S. The first phase was from the 1970s to 1995, and was marked by the growth of such litigation in areas including who could bring a case, the number of cases filed, and the dollar amounts of settlements.
