U.S. securities suit filings on a record pace in 2011: Advisen

The credit crisis may have abated in the United States, but securities suit filings definitely haven’t.
In fact, securities suit filings are on track to set a new record in 2011, according to Advisen Ltd’s most recent quarterly report on securities litigation, sponsored by ACE.
“Following on the heels of the credit crisis, which sparked record-setting litigation in 2008 and 2009, 2010 set yet a new record at 1,293 suits filed,” Advisen noted in a press release announcing the report. “Based on the number of suits filed in the first quarter, 2011 may surpass last year’s all-time high.”
The 362 securities suits filed in 2011 Q1 were up a bit from 342 filed in the previous quarter, and were 47% above 2010 Q1. Perhaps more significantly, the quarter’s annualized rate of 1,448 new filings is 12 percent higher than total 2010 filings.
“The totals include shareholder derivative suits, breach of fiduciary duties suits and securities fraud suits, a category comprised primarily of actions brought by regulators and law enforcement agencies, as well as securities class action suits,” Advisen notes.
The full report, Securities Litigation Reaches a Crescendo, can be downloaded at:
http://corner.advisen.com/reports_topical_sec_lit_q1_2011_home.html