Prior to regulatory agencies like the S.E.C. taking on a significant role in creating rules for compliance, enforcement and risk management, much of the burden of ensuring compliance with regulations fell to shareholders, tort litigants and other claimants in the litigation context. What are some of the relative merits and disadvantages of relying on litigation to hold businesses accountable for complying with regulations? Are there areas in which litigation by shareholders and other claimants might actually be more effective in ensuring compliance with regulations than relying on administrative agencies?