During 2023, securities lawsuit filings rose for the first time in four years. Settlements declined last year; there were nine mega-settlements of more than $100 million, including a $1 billion settlement. Case filings involving COVID-19, SPACs, and cryptocurrencies represented 18% of all filings in 2023, down substantially from 2022. Turmoil in the banking sector in early 2023 led to a substantial uptick in suits against financial institutions.
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