Thursday, October 17, 2013 at 11am EDT
Join AIG's Rich Dziedziula, Peabody and Arnold's Joseph O'Neil, RT Specialty's Kevin LaCroix, and Advisen's Jim Blinn to review D&O Claims Trends during Q3 2013. This free, one-hour webinar is sponsored by AIG.
Compared with the previous quarter, the number of new securities and business litigation filings and regulatory enforcement actions continued to decline in the third quarter but at a much slower pace. The decline keeps 2013 in line to have the lowest annual total of new filings since prior to the credit crisis. Although the number of filings decreased for some categories such as derivative shareholder actions and merger objection suits, a couple of major categories increased, most notably securities class actions.
The financial sector remained the top sector for new securities litigation filings and enforcement actions in the third quarter. As the credit crisis recedes into the past, actions against financial firms and their directors and officers are approaching pre-credit crisis levels.
The number of settlements declined in the third quarter compared with the previous quarter but the average settlement values increased. Securities class actions represented the highest number of settlements and were also the most significant source of large losses.
Advisen is pleased to introduce a number of enhancements to the way in which it categorizes lawsuits and enforcement actions. While these changes do not affect the total number of cases they will affect the values in some categories. The changes include three new case types and the merger of case types to simplify the structure of certain categories. These changes will be highlighted and explained throughout the report.