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Broadridge Financial Solutions has reported an increase in ‘mega-settlements’ in 2023.
The fintech firm settled 15 trades valued over US$100 million in the last year. This represented a 25 per cent increase in the last year and an 87 per cent increase on the previous four-year average.
Broadridge identify this increase as a result of a series of trends in global class actions. These trends include; the rise of opt-in jurisdictions beyond the US, a surge in crypto cases, custodians being more ‘hands-on’, privacy amid cybersecurity breaches and a focus on ESG investment.
Steve Cirami, global securities class actions leader.at Broadridge, explains: “2023 marked another step forward in terms of the globalisation of securities class actions.
“We also saw a record number of settlements exceeding $100 million and a continued trend of new or enhanced laws or judicial rulings across several jurisdictions including the UK, several EU countries, South Korea, China and New Zealand.”
The report also identifies its top 10 most administratively challenging asset recovery opportunities from 126 global claim filing deadlines. Broadridge name Arconic Securities Litigation as the most complex case of the last year.
This was the fifth annual Broadridge class action report examining publicly traded securities or financial instruments that utilise class action processes to recoup lost funds.
