The way that class action cases’ settlements are handled is a process that forms part of the “plumbing” of the financial world. The sheer size of payments involved means that private client advisors, wealth managers and bankers need to understand this area.

Global securities class action litigation secured more than $4 billion in investor recoveries last year, below the 2024 total of $5.2 billion, new figures show. However, the figure reveals that legal battles continue to produce high payouts amid volatile markets and increasingly complex cross-border frameworks.

The data comes from Broadridge, a US-based business that provides tech solutions to financial firms.

In a new report, that shows the most complex class-action cases, Broadridge said that 2025 marked a “turning point,” with surging AI-related litigation, growing momentum in opt-in and collective actions, expanding ESG focused claims, and a moderation in financial antitrust activity.

The way that class action cases’ settlements are handled is a process that forms part of the “plumbing” of the financial world – an area that tends not to be widely understood. But the total size of settlements involved shows that this is not just a fringe issue, but one that bankers and wealth managers must understand. 

“Class action participation is no longer passive – it’s operational,” Christi Cannon, vice president and general manager of global class actions at Broadridge, said. “Cases move faster, span more jurisdictions, and demand greater precision.”

Nine settlements exceeded $100 million, just one short from the record set in 2024, the firm said. Antitrust cases lost momentum and financial antitrust activity moderated, with only four settlements taking place, at a total of $179 million, following last year’s record high of nine.

US securities filings remained near recent levels – there were 205 cases in 2025, just 3 per cent below the four-year rolling average, reflecting relative stability in enforcement activity. 

Settlements tied to special purpose acquisition companies (SPACs) and merger transactions accounted for a disproportionate share of total recoveries, even as new case filings remained broader in scope.

The 10 most complex cases of 2025: 

-- EQT Corporation Securities Litigation – $167,500,000; 
-- Turquoise Hill Resources Ltd. Securities Litigation – $138,750,000; 
-- BHP Group Ltd. Securities Litigation – AUD110,000,000 ($77,571,124.79); 
-- Alta Mesa Resources Inc Securities Litigation – $126,300,000; 
-- Interest Rate Swaps Antitrust Litigation – $71,000,000; 
-- British American Tobacco Opt-in Litigation – Pending Litigation (UK Opt-in); 
-- BCS PLC Securities Litigation and Fair Fund – $219,500,000 (combined); 
-- Viacom Archegos Securities Litigation – $120,000,000; 
-- Grab Holdings Ltd. Securities Litigation – $80,000,000; and 
-- Alibaba Group Holding Ltd. Securities Litigation – $433,500,000.