Filing activity in 2025 decreased relative to 2024, from 226 to 207 filings, largely driven by a decline in filing activity in 2025 H2. However, Disclosure Dollar Loss (DDL) was the highest on record, sharply increasing to $694 billion in 2025 from $429 billion in 2024; and Maximum Dollar Loss (MDL) increased to $2,862 billion in 2025 from $1,639 billion in 2024. The number of combined federal and state 1933 Act filings increased slightly to 23 filings in 2025. The number of Artificial Intelligence (AI)-related filings slightly increased, while the number of COVID-19-related filings fell to its lowest level since tracking of the trend category began in 2020.
While filing counts in 2025 decreased relative to 2024, total MDL and DDL increased substantially.
Plaintiffs filed 207 new securities class actions in 2025, a decline from the 226 filings in 2024. The number of filings in 2025 H2 (93) was significantly lower than in 2025 H1 (114).
Disclosure Dollar Loss (DDL) increased to its highest level on record, from $429 billion in 2024 to $694 billion in 2025. Maximum Dollar Loss (MDL) increased to $2,862 billion in 2025 from $1,639 billion in 2024, reaching its third-highest level on record.
In 2025, mega filings accounted for the vast majority of total MDL and total DDL (89% and 81%, respectively), significantly above the 1997–2024 annual averages (80% and 65%, respectively).
Figure 1: Federal and State Class Action Filings Summary
(Dollars in 2025 billions)
Note: This figure presents combined federal and state data. Filings in federal courts may have parallel lawsuits filed in state courts. When parallel lawsuits are filed in different years, only the earlier filing is reflected in the figure above. Filings against the same company brought in different states without a filing brought in federal court are counted as unique state filings. As a result, this figure’s filing counts and index totals may not match those in Figures 4–6, 11, 13–16, and 19–22, or Appendices 2–4 and 6–8. See Additional Notes to Figures and Appendices for Counts and Totals Methodology.
The views expressed herein are solely those of the authors and do not necessarily represent the views of Cornerstone Research.
