Lingering big cases coupled with the deterrent power of the Sarbanes-Oxley Act and tougher enforcement have contributed to the smallest number of securities cases in nine years, according to PricewaterhouseCoopers. The recent study found, however, that while the total number of cases has dropped – currently there are 168 on the docket – the average cost of a settlement has skyrocketed from $27.8 million in 2004 to $71 million last year.

According to the study, heavy-duty litigation like that from Enron and WorldCom have caused a backlog of cases. That number may increase this year, says Financial News, as the Securities and Exchange Commission brings new enforcement actions based on the its new hedge fund regulations, while the agency expects to see a spike in litigation related to executive compensation.