ESG Investing and Cryptocurrency
litigation Among Major 2022 Global Class Action Trends
NEW
YORK, Feb. 23, 2023 /PRNewswire/ -- 2022 has
been one of the busiest years for the global securities class
action litigation industry, with settlement recovery opportunities
of more than $7.4 billion and 21%
more claim filing opportunities, according to the fourth annual
Broadridge Global Class Actions Report released by global fintech
leader Broadridge Financial Solutions, Inc. (NYSE: BR).
Total settlement value for Global Securities Class Actions
increased by 142%. And the number of opportunities to recover
assets in securities and financial antitrust class action
settlements also increased in 2022, according to the report.
"By most metrics, securities settlement activity in 2022 drove
one of the busiest years we've ever seen, led by more than ten
mega-settlements exceeding $100
million, including the second largest securities settlement
outside North America," said
Steve Cirami, Broadridge Global
Class Actions leader.
Current Trends in Global Class Action
- Continued focus on ESG, as regulators worldwide
look to crack down on ESG greenwashing; coupled with more
event-driven securities litigation, the upward trend of ESG-related
class actions will remain strong
- Growth in opt-in jurisdictions and the rise in
collective investor actions
- SPAC and cryptocurrency-related securities
litigations continue trending upwards in 2022. However, this trend
is not expected to carry through in 2023 given that SPACs have
significantly fallen out of vogue, with a nearly 90% decrease in
the number of SPAC IPOs from 2021 to 2022
- Broker-Dealers shift in service, as broker-dealers
continue to seek ways to better serve their customers many are
providing claim-filing and asset recovery services in lieu of
simply notifying retail customers
- New federal forum provisions driving more IPO cases
to federal court
- Concern over short-seller claw back exposure in
Delaware merger cases
Most Complex Cases of 2022
In addition to identifying key trends, the fourth annual
Broadridge Class Action Report provides an in-depth analysis of the
10 most complex class actions involving financial instruments in
2022. These cases were selected from more than 160 new claim filing
deadlines across the globe and include:
- Steinhoff Global Settlement €1,400,000,000 (the Netherlands & South Africa)
- SIBOR/SOR Antitrust Litigation $155,458,000 (U.S.)
- Teva Securities Litigation $420,000,000 (U.S.)
- Precious Metals Antitrust Litigations $110,000,000 (Combined) (U.S.)
- Navient Securities Litigation $35,000,000 (U.S.)
- Airbus SE $5,000,000 (U.S.);
Pending Litigation (the
Netherlands)
- Luckin Coffee Inc. Securities Litigation $175,000,000 (U.S.)
- CannTrust Global Settlement $83,000,000 CAD (Canada & U.S.)
- Crown Resorts Securities Litigation $125,000,000 AUD (Australia)
- Twitter Securities Litigation $809,500,000 (U.S.)
To read the full report, please
visit:https://www.broadridge.com/_assets/pdf/broadridge_classaction2022_class-action-annual-report.pdf
Report Methodology
The fourth annual Broadridge Class Action Report looks at
cases globally that involve publicly traded securities or other
financial instruments where a class or collective action mechanism
was used to recoup lost funds.
The report identified more than 160 global cases involving
securities and/or financial products with a claim filing deadline
in 2022. The report provides a comprehensive summary of the most
complex cases in 2022 and highlights several other cases deemed to
be honorable mentions.
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
900 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 more than $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 14,000
associates in 21 countries.
For more information about us and what we can do for you, please
visit www.broadridge.com/globalclassactions.
Media Contact:
Tatjana
Kulkarni
+1 203-285-0766
Tatjana.Kulkarni@broadridge.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/settlements-in-global-class-actions-increased-142-in-2022-broadridge-annual-class-actions-report-shows-301753663.html
SOURCE Broadridge Financial Solutions, Inc.