Even though securities suits related to the Madoff Ponzi scheme and the credit crisis trailed off in third-quarter 2009, financial firms were still the leading type of company sued with one-third of the cases filed, a research firm reported.
In New York-based Advisen's report about securities lawsuits filed in the third quarter of 2009, the firm introduced a new "sector impact metric," designed to reveal what percentage of suits fall in various industry groups, explained David Bradford, co-founder and executive vice president.
According to the report, 56 securities suits out of a total of 169 filed in the quarter named financial institutions. Mr. Bradford noted that while FI suits represent 33 percent of the total for the quarter, that percentage is down from prior quarters. (During the first quarter, for example, FI suits represented 56 percent of the defendants in securities suits.)
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