Researchers delivered good news to directors and officers liability insurers who cover defendants in securities lawsuits this year, revealing that the number of securities class actions plummeted in 2009, with one outfit putting the drop at over 20 percent.
The most recent of four reports to come out of the subject, however, revealed a surge in other types of securities actions last year–most notably lawsuits filed by regulators and law enforcement agencies alleging violations of securities fraud laws.
The latest, more downbeat report came from New York-based Advisen, titled, “Securities Suits Abound In A Harsh 2009,” which tracks six categories of securities suits in addition to class actions. Advisen not only reported that class actions were about level in 2009 and 2008–coming in at 234 and 239 for the two years–but also said that the totals for all seven securities suit-types climbed 13 percent to 910 cases.
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