Lawsuits filed by the Federal Deposit Insurance Corporation(FDIC) against chief executives of failed financial institutionshave outpaced new filings in any period of the past three years,shows a new research study.

According to economic analyst Cornerstone Research, at least 32suits were filed so far this year, and the rate is increasing astime passes: there were 10 lawsuits filed in the first quarter, 15in the second quarter, and seven already filed in the thirdquarter.

“There is a huge outcry in Washington about why there are notmore criminal convictions coming out of the financial crisis, sothe government is putting more emphasis on pursuing civil casesthan sentencing for bail,” says Geoffrey Fallon, a D&O educatorfor the Risk and Insurance Management Society (RIMS).

Nearly 490 financial institutions have failed since theonset of the economic crisis in 2007.

If the filing of new lawsuits continues at this pace, there willbe 53 at the end of the year—more than double the 26 filed in 2012,and nearly 70 percent of all FDIC D&O lawsuits filed since2010.

Only three lawsuits were resolved in 2013: United Security Bank,which settled with the FDIC for $0; Bank of Wyoming, which settledfor $2.5 million; and Columbian Bank and Trust Company, whichsettled for $5.2 million. One of these was filed in 2013, one in2012 and one in 2011.

The report says most bank failures occurred between thethird quarters of 2009 and 2010, but because of the three-yearstatute of limitations for tort lawsuits and the time the FDICneeds to determine if it will file a lawsuit, 2013 has been busy:of the 32 lawsuits filed so far this year, nine were againstcompanies that failed in 2009 and 23 were filed against ones thatfailed in 2010.

CEOs are the most commonly-targeted defendants in suchcases, having been named in 88 percent of all filed complaints andlawsuits in 2013, followed by chief financial officers (13percent), chief loan officers (14 percent), chief operatingofficers (17 percent), chief banking officers (3 percent), andchief credit officers (34 percent).

“The best way companies can protect their executives fromD&O claims is to have a rigorous in-house compliance systemacting as their own policeman to ensure all parties are acting asthey should,” Fallon says.

The FDIC has claimed damages of $3.6 billion of the lawsuitswith a specified damage amount, compared to an average damageamount of $53 million. The largest claims were found to be inCalifornia institutions (which has one of the highest rates oflawyers per capita in the U.S.), but the most D&O lawsuits haveinvolved failed institutions in Georgia.

Claimed damages against D&O have ranged from $3 million to$600 million, and claimed damages have been most commonly filed forless than $20 million.

Though D&O claims are rising, actual FDIC seizures offinancial institutions are declining: 20 institutions have beenseized so far in 2013, compared to 51 in 2012.

“Financial executives work in a much more highly-regulatedenvironment than non-financial companies; they serve severalmasters, including the new Dodd-Frank law,” says Fallon.

“I would say that in the next few years, financial institutionswill remain in the spotlight.”