NU Online News Service, July 20, 4:02 p.m. EDT

A new report by Advisen Ltd. shows the 2010 second quarter saw a30 percent jump in securities lawsuit filings compared to the firstquarter.

Comparing the second quarter year-to-year, there was a 19percent increase in litigation.

Securities lawsuit categories include securities class actions,breach of fiduciary duty, securities fraud and derivativeactions.

The average settlement for securities class-action litigationfor the second quarter increased to $49.6 million from $10.4million in 2009.

The most common type of suit filed was for breach of fiduciaryduty, which typically alleges directors and officers do not upholdtheir duty to investors, usually after a merger or acquisition,said Advisen. This type of suit accounted for 33 percent of allsecurities suits.

The report was sponsored by global commercial property andcasualty insurer ACE Group.

The Deepwater Horizon oil spill and government investigation ofGoldman Sachs spurred the activity in the second quarter, thereport said. There was an 82 percent rise in new filings againstenergy companies compared to the 2010 first quarter.

Financial companies continue to be sued more than any othercompany, but suits related to the credit crisis have droppedcompared to last year and 2008, Advisen found.

Advisen provides insight into underwriting, marketing andpurchasing commercial insurance.