Charles River Associates, a consulting firm tracking statistics and trends for the securities industry, has released its quarterly report on securities litigation statistics for Q! of 2010. The firm found that securities law suit filings are down for the first half of 2010 over 2009, as well as some other interesting statistics.
- Year-to-date 2010 filings are down 9% versus2009 and 38% versus 2008
- Q2 2010 filings are up 25% versus Q2 2009 butdown 24% versus Q2 2008
- Q2 2010 filings are concentrated in the financial services (five cases) and oil and gas sectors(four cases)
- Industrial accidents were responsible for four Q2 2010 filings
Charles River Associates also found that financial services firms still remain in the primary targets of the quarter's securities suits, indicating that fallout still remains from the financial crisis of 2007-2008:
Q2 2010 filings cover a wide range of industries but are primarily concentrated in the financial services (five cases) and oil and gas sectors (four cases). The five cases against financial services firms (BancorpSouth, First Regional Bancorp, Frontier Financial, Goldman Sachs Group, and TierOne) involve issues related to the credit crisis, indicating that such filings have not yet abated.
The full Charles River Associates Quarterly "Securities Litigation Flash" providing a snapshot of the firm's key findings and analysis is available at: http://crai.com/uploadedFiles/Publications/SLF_Update_2010_Q2_0710(1).pdf