NERA has released “Recent Trends in Securities Class Action Litigation: 2025 Full-Year Review,” the latest edition of its annual report. The report continues our analysis of filing, dismissal, and settlement trends and presents new analyses related to current topics.

Director Edward Flores, Associate Director Svetlana Starykh, and Director Ivelina Velikova, the report’s authors, utilize NERA’s proprietary database of federal securities class actions, which spans more than three decades.

Highlights from the 2025 report include:

• There were 207 new federal securities class action suits filed in 2025, 25 less than in 2024.
• Of the 207 cases filed, 43% of filings had an allegation related to missed earnings guidance, a five-year high, while only 13% had an allegation related to regulatory issues, a five-year low.
• Filings against companies in the healthcare and technology sectors together accounted for 57% of new filings, and 71% of all cases were filed in the Second, Third, and Ninth Circuits. 
• In 2025, there were 17 filings with AI-related claims, accounting for 8% of all new filings, while there were 14 cases with crypto-related claims, 75% more than in 2024. 
• SPAC- and COVID-19-related claims have declined substantially, with only five and three suits filed in each category, respectively.
• Resolutions increased by 11% to 234 from 210 in 2024, consisting of 155 dismissals and 79 settlements, marking the second straight year that resolutions have increased. The rise in dismissals was largely driven by an increase in dismissals involving standard cases, which saw a record 139 dismissals in 2025, up 32% from 105 in 2024.
• Aggregate settlement value was $2.9 billion, a 25% decline from the inflation-adjusted 2024 total of $3.9 billion and a 33% decline from the inflation-adjusted 2021 total of $4.4 billion. 
• Over the past decade, annual median Investor Losses have ranged from a low of $358 million to a high of $1.8 billion. 
• The median settlement value increased by 21% to $17 million, a 10-year high.
• Aggregate plaintiffs’ attorneys’ fees and expenses totaled $797 million, a 25% decline from the $1.063 billion in 2024.

NERA has reported on trends in securities class actions for more than three decades and is an industry leader in advising clients in the economics of securities, finance, and commerce.