Press Coverage December 22, 2025

Securities Litigation Reform Act’s Success Debatable 30 Years In

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Jay A. Dubow

Jay Dubow, co-leader of Troutman Pepper Locke’s Securities Investigations + Enforcement Practice Group, was quoted in the December 22, 2025 Bloomberg Law article, “Securities Litigation Reform Act’s Success Debatable 30 Years In.”

  • The act’s pleading standards mean surviving claims have met a higher bar, increasing settlement cost pressure, said defense lawyer Jay Dubow of Troutman Pepper Locke LLP.
  • Before the PSLRA, certain cases could settle cheaply and quickly, he said. Now, “if they’ve survived that bar, then the plaintiffs’ lawyers are not willing to take a lower settlement.”
  • …
  • Shareholder derivative complaints, with no equivalent law, show plaintiff-selection “abuses that you used to see pre-PSLRA,” Dubow said, likening these suits following proposed class actions to shark-following fish that “eat the crumbs that the sharks don’t eat.”

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