NEW YORK, Feb. 23, 2022 /PRNewswire/ -- The number of
global class action securities litigation settlements increased a
whopping 50% in 2021 with total settlements reaching more than
$3 billion, according to the recently
released third annual Broadridge Class Action Report, from global
Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:
BR).
The report reveals some significant trends in the class action
world that are already continuing into 2022. Among these trends,
the most noteworthy include a rise in SPAC and
cryptocurrency-related securities litigations, substantial
reduction in M&A class action filings and an increased focus on
ESG investors using securities class and collective actions as a
tool for enforcing shareholder values.
Steve Cirami, Broadridge Class
Actions leader, noted, "Last year we watched the number of
settlements rise by a dramatic 50% as cases continue to be
increasingly complex and global. The landscape continues to change
dramatically, with more countries enacting class action laws. At
the same time, we are now seeing more settlements involving unique
and complex financial instruments, commodities and new asset
classes, such as cryptocurrencies."
Other significant trends seen in 2021:
- The Block.one settlement, included in the list below, was one
of the first cryptocurrency-related securities class action
settlements.
- Growth in opt-in jurisdictions and the rise in collective
investor actions.
- Increased participation in opt-in litigation.
- Broker-dealers shift in service.
In addition to identifying key trends, the third annual
Broadridge Class Action Report provides an in-depth analysis of the
10 most complex class actions involving financial instruments in
2021. These important cases were selected from more than 130 new
claim filing deadlines across the globe.
To read the full report, please visit:
https://www.broadridge.com/resource/asset-management/top-5-challenges-in-2021
Top 10 Most Complex and Complicated Cases
For each of these top ten class actions, the Class Action Report
includes highlights and a deeper analysis covering overview,
allegations, challenges, court participants, settlement information
and administrative dates.
- Snap Inc. Securities Litigation $187,500,000 (two settlements)
- Allergan Generic Drug Pricing Securities Litigation
$130,000,000
- Government Bonds Antitrust Litigations $118,200,000 (combined)
- Precious Metals Antitrust Litigations (Gold and Silver Fix)
$140,000,000 (combined)
- CenturyLink Securities Litigation $55,000,000
- CoreCivic Securities Litigation $56,000,000
- WageWorks Securities Litigation $30,000,000
- Willis Towers Watson Shareholder Litigation $90,000,000 (two settlements)
- E-Mini Futures Litigation $15,000,000 (partial settlement)
- Block.one Securities Litigation $27,500,000
Report Methodology
The Broadridge Class Action Report covers important global
securities and antitrust cases that involve both publicly traded
financial instruments and recovery via a class action or collective
redress mechanism.
Complexity is measured from a claim submission and
administration standpoint based on required tasks, several include
challenges related to identifying and monitoring cases, preparing
claim filing data, complex loss calculation formulas, complex
financial instruments, and for international cases –competing
claims by multiple firms and funders, and unique jurisdictional,
judicial and/or filing requirements.
This study is for informational purposes only and does not, and
is not intended to, constitute investment, legal or any other
advice of any kind.
Broadridge Class Action Services
Broadridge's team of dedicated class action experts include
attorneys, client advocates, class action auditors, data analysts,
research professionals and client service representatives, all of
whom on average have 15-20 years of class action experience. Over
850 organizations rely on Broadridge's global class action services
because of our worldwide reach, industry expertise and world-class
standards. Our experts analyze and match all investment positions
to identify recovery opportunities for each security relevant to
every case.
Broadridge's proprietary technology and processes—the backbone
of which is our Advocacy Model—enable you to reduce risk, improve
the client experience, protect customer data, and increase filing
participation. Given our extensive knowledge of claims
administration, global securities litigation and antitrust
litigation, we know the importance of accuracy, timeliness and
transparency. Our proactive approach and unique system of analysis
and reconciliation ensures we do everything possible to maximize
your recovery.
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech
leader with $5 billion in revenues,
provides the critical infrastructure that powers investing,
corporate governance and communications to enable better financial
lives. We deliver technology-driven solutions that drive business
transformation for banks, broker-dealers, asset and wealth managers
and public companies.
Broadridge's infrastructure serves as a global communications
hub enabling corporate governance by linking thousands of public
companies and mutual funds to tens of millions of individual and
institutional investors around the world. Our technology and
operations platforms underpin the daily trading of more than U.S.
$9 trillion of equities, fixed income
and other securities globally. A certified Great Place to Work®,
Broadridge is part of the S&P 500® Index,
employing over 13,000 associates in 21 countries.
For more information, please visit broadridge.com.
Broadridge Media contact:
Gregg Rosenberg
+1 212-918-6966
Gregg.rosenberg@broadridge.com
Tatjana Kulkarni
+1 203-285-0766
Tatjana.kulkarni@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.