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Lawsuits driven by the financial crisis may be good news for companies that sell electronic discovery software and services.
Lawsuits driven by the financial crisis may be good news for companies that sell electronic discovery software and services.As InformationWeekreported yesterday, the tech sector hasn't been immune to the stock market slide. But one segment may find its fortunes bolstered by the turmoil. E-discovery vendors stand to benefit as a tsunami of lawsuits washes over the financial services market.
An Associated Press story reported yesterday that state governments are suing or considering lawsuits against various actors in the financial crisis, including investment banks, bond ratings agencies, and agencies such as Fannie Mae and Freddie Mac.
Other newsstories have discussed impending legal action by pension holders and stock owners who've watched losses mount.
These suits will require financial services companies to produce reams of e-mail and other communications, not to mention transaction records and other financial data. That means investing in e-discovery tools to find and collect relevant information. Legal analysis software also will be required to comb through those records as plaintiffs and defendants alike concoct their strategies.
That said, a bright spot in the tech market is cold comfort to the rest of us. Let's hope things stabilize soon.
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