ROCKVILLE, Md. — More than $5.55 billion in pending and tentative settlements in securities class-action cases are outstanding for which investors can make claims, according to Securities Class Action Services.
The largest pending settlements for which shareholders may file claims include $2.65 billion in WorldCom/Citigroup, $245 million in Global Crossing, $102 million in Symbol Technologies and $100 million in Honeywell International.
The largest tentative settlements that have been announced but in which claims cannot yet be filed include the $1 billion in IPO Securities Litigation, $410 million in Raytheon Co. and $300 million in Bristol-Myers Squibb Co.
The $5.5 billion that Securities Class Action Services — a unit of Institutional Shareholder Services Inc., Rockville — estimates is in the pipeline comes from settlements this year and previous years.
The amount of settlements has grown in recent years, said Bruce T. Carton, executive director of SCAS.
In 2003, final settlements totaled $3.73 billion from 170 cases. By contrast, final settlements in 2002 totaled $2.76 billion from 165 cases. So far this year, through the end of June, final settlements totaled $614 million from 63 cases.