In a finding that impacts directors and officers liability insurers, researchers reported today that securities class actions jumped 19 percent last year and financial firms were prime targets for legal action.
According to an annual report prepared by the Stanford Law School Securities Class Action Clearinghouse in California and Cornerstone Research in Boston, 103 of the 210 federal securities class actions filed in 2008 involved firms in the financial sector.
New to the report this year is a "Litigation Heat Map," a graphic that portrays the intensity of litigation activity within each industry over time. The map, displaying the financial sector in red to reveal a litigation hot spot, shows that nearly one-third, or 32.6 percent, of all financial firms included in the S&P 500 Index were named as defendants in a securities class actions filed in 2008.
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