New York (Feb. 19, 2004) -- Despite a handful of blockbuster settlements in 2003, Sarbanes-Oxley hasn’t had any statistically significant impact on securities class action filings, average or median settlement values, or investor recovery rates, according to a report by NERA Economic Consulting, which tracks securities class action cases.

Class action filings, average or median settlement values, and investor recovery rates all remained flat or declined in 2003, according to the report, “Recent Trends in Securities Class Action Litigation: 2003 Early Update.” The average settlement fell 15 percent in 2003 to $19.8 million, down from $23.3 million in 2002. The median settlement declined by 14 percent to $5.4 million in 2003, down from $6.3 million in 2002. Investor losses in the median case settling in 2003 were $215 million, more than three times the median of $65 million in 1996.

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