Two new reports, including one published yesterday, delivered discouraging news for directors and officers insurers, revealing that the number of securities class actions started climbing again in 2007 after dropping in 2006.
Both reports said subprime mortgage problems are partially responsible for the uptick.
Stanford Law School in Palo Alto, Calif., and Cornerstone Research in Boston jointly released an annual report yesterday, finding that federal securities fraud class actions soared 43 percent to 166 in 2007 from 116 in 2006, attributing the jump to subprime issues and stock market volatility.
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