Even though securities suits related to the Madoff Ponzi schemeand the credit crisis trailed off in third-quarter 2009, financialfirms were still the leading type of company sued with one-third ofthe cases filed, a research firm reported.
In New York-based Advisen's report about securities lawsuitsfiled in the third quarter of 2009, the firm introduced a new"sector impact metric," designed to reveal what percentage of suitsfall in various industry groups, explained David Bradford,co-founder and executive vice president.
According to the report, 56 securities suits out of a total of169 filed in the quarter named financial institutions. Mr. Bradfordnoted that while FI suits represent 33 percent of the total for thequarter, that percentage is down from prior quarters. (During thefirst quarter, for example, FI suits represented 56 percent of thedefendants in securities suits.)
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