Justice Watch: BankAtlantic verdict to buoy suits against big banks

Since enactment of the Private Securities Litigation Reform Act, attorneys in the field say only about 12 cases have gone to trial in 15 years. But some legal observers say last week’s verdict in a securities fraud class action against BankAtlantic Bancorp may nudge that door open a little bit as plaintiff attorneys look to capitalize on the nation’s appetite for holding financial institutions accountable for the recession. "It is certainly going to be a blueprint for plaintiffs attorney to look at," said former Securities and Exchange Commission attorney Richard Serafini, who is now of counsel for Ruden McClosky in Fort Lauderdale.