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Eight More Stock Bubble Lawsuits Tossed
from the nice-try... dept
Once again, a judge has tossed out some lawsuits targeted at investment bankers from investors who lost money when the bubble burst. These lawsuits keep on coming, so it's good to see that the judge is dumping them quickly. Anyone investing in the bubble should have done their own due diligence and known that it was a risk. Were the analysts very wrong? Yes. However, it's not illegal to be wrong (or stupid). If people didn't realize they could lose everything they invested, they shouldn't have been investing in the first place. There was no outright fraud in most of these cases on behalf of the bankers. In fact, I'd bet that if any of them had told these same customers during the bubble years not to invest, those investors would have taken their money elsewhere.
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Some Moving Forward
You should note that some lawsuits are moving forward - and even being settled. I just got a mailing this week for a Lucent (LU) lawsuit settlement.
I am pretty torn over getting this. On one hand I am against these lawsuits on principle - I bought the stock and made money in 98. I bought it again a few years later and lost my shirt - and I have owned up to all my stock losses when the bubble burst.
But to get a letter in the mail offering me essentially some free additional stock and money...I am soooo torn (ofcourse the scumbag lawyers are getting millions while I would get a pittance)
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