2023 Securities Litigation Year in Review

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. 

Our 2023 Securities Litigation Year in Review focuses on significant securities-related decisions from the U.S. Supreme Court and the federal appellate courts. We discuss the Supreme Court's unanimous decision in Pirani v. Slack Technologies, Inc. resolving a circuit split about the tracing requirement for claims under the Securities Act of 1933. We also discuss the latest developments in the long-running Goldman Sachs securities case after the Supreme Court vacated class certification in 2021. We analyze 16 decisions from the federal appellate courts addressing the pleading requirements for securities fraud cases and also highlight a significant circuit split related to forum-selection provisions.

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