While investors pray for a bottom to a plunging stock market in the days or weeks ahead, experts say an end to litigation arising from issues fueling market turmoil could be years or even decades away. In the meantime, as the financial crisis widens and deepens, more potential defendants and plaintiffs are being identified for directors and officers as well as errors and omissions claims.
“There are a handful of S&L cases that my firm is still working on,” said Jeff Nielsen, managing director of the Washington office of Navigant Consulting, referring to cases arising out of the savings-and-loan crisis of the early 1990s, and giving some sense of the possible duration of litigation arising from the latest financial crisis involving subprime mortgages.
Mr. Nielsen, who heads up Navigant's Financial Services Disputes and Investigations group, which assists clients with regulatory inquiries and provides expert testimony in connection with litigation, is also tracking the number of subprime-related cases.
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