Two years ago, there was plenty of talk about how the backdating scandals would turn into a lawyers' picnic. Lawyers, who are always quick to find new ways of making a buck, were filing lawsuits and knocking on the doors of institutions that had deep enough pockets to fund protracted complicated cases.

But now the latest data suggests that the returns for investors from litigation have not been that flash.

A NERA Economic Consulting study reveals that settlements from backdating class actions have fallen way short of expectations. Only six cases have been settled so far, and five have been settled for less than 60 per cent of what was expected. In one case, involving memory chip technology vendor Rambus, it was settled for only 8 per cent of what was predicted.

NERA offers up two explanations. One is that backdating cases are perceived to be weaker one merits than other class actions. The second explanation is that the that the weakest cases have been the first to settle which, if true, means that future settlements might be more generous.

Another explanation is that a lot of these cases have been complicated and have required jurors to delve into the most obscure, complex issues and details to reach a verdict.