John C. Coffee Jr., the Adolf A. Berle Professor of Law at Columbia University Law School and director of its Center on Corporate Governance, writes: "At least as much as investment advisers, the plaintiffs' bar is today deeply entangled in the business of soliciting pension funds. This is a necessary consequence of the PSLRA, which has left securities litigation highly profitable in the current environment but made public pension funds the principal distributor of this largess. The scandals have been smaller, but pressure is brewing for reform here too."
New York Law Journal
May 21, 2009
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