Contact: Ray De Lorenzi
Washington, DC—The following is a statement from American Association for Justice CEO Jon Haber in response to a new U.S. Chamber of Commerce report on securities class-actions:
"Securities class-actions hold corporations accountable and prevent them from deceiving shareholders. Groups like the U.S. Chamber would have more credibility if they were as adamant about eliminating white collar crime as securities class-actions."
Other Facts to Consider
According to the 2008 Corporate Task Fraud Report, "Since July 2002, the Department of Justice has obtained nearly 1,300 corporate fraud convictions. These figures include convictions of more than 200 chief executive officers and corporate presidents, more than 120 corporate vice presidents, and more than 50 chief financial officers." (http://www.usdoj.gov/dag/cftf/corporate-fraud2008.pdf)
According to SEC Commissioner Paul Atkins, the string of accounting failures at companies such as Enron, WorldCom, Adelphia, and Tyco cost U.S. households nearly $60,000 each on average as some $5 trillion in market value was lost (Associated Press, 11/14/2002).