Managing complex mass tort litigations has always presented a daunting challenge to companies and law firms alike. But after the passage of the Sarbanes-Oxley Act in 2002, the need to accurately track claims, their associated risk factors, and the projected resolution costs of the matters is not just a financial reporting exercise, it’s the law.
So, how does SOX pertain to litigation management? The act itself is quite voluminous, but let’s focus on Section 404 of the Act, re: internal controls, which present several responsibilities for litigation managers. Perhaps the most important obligation is the need to perform top-down risk assessments on the collection of claims.
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