Securities fraud suits overtook securities class action cases for the No. 1 place in the second quarter, while filings alleging a breach of fiduciary duties also picked up, according to a quarterly survey by insurance consultancy Advisen.
Securities filings totaled just 140 in the second quarter, down from 221 in the first quarter. John Molka, a senior industry analyst at Advisen and author of the report, notes that the filings in the first half of the year are in line with first-half totals in previous years.
Just 37 of those second-quarter filings were securities class action suits, down from 70 in the first quarter. Securities fraud suits totaled 51 in the second quarter, or 36% of second-quarter filings, up from 30% in the first quarter. There were 37 breach of fiduciary duty suits filed in the second quarter, or 36% of the cases filed, up from 17% in the first quarter and 10% in all of 2008.
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