A first-quarter jump of 38 percent in securities cases is worrisome to insurers of directors and officers named as defendants in such cases, but the pace of filings could slow, a research firm said.
New York-based Advisen, which counted 169 securities filings in a database that it refers to as the Master Significant Case and Action Database (MSCAd), said 30 percent of these first-quarter cases relate to the Madoff Ponzi scheme.
Advisen said if that filing rate were to hold up for the next three quarters the 676 cases that would result would be far greater than a roughly 500-case average the firm has tabulated over the past three years.
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