Aon | Financial Services Group
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Securities class action filings increased year-over-year for the second consecutive year despite a continued drop in filings under the Securities Act of 1933.1 In 2024, overall core filing volume increased to 225 – an increase from 2023’s 215. 1933 Act filings fell to 21, likely due to fewer public listings over the past few years.
Key takeaways:
- Artificial intelligence filings increased to 15 in 2024, up from seven in 2023. Of the 15 AI-related filings in 2024, eight were in the technology sector, four were in the communications sector, two were in the industrial sector, and one in the consumer non-cyclical sector.
- Interestingly, COVID-19 related filings continue to be filed, and rose by 36% compared to 2023. However, COVID-19 cases remained below the high of 20 filings from 2022.
- Consumer discretionary, health care, and consumer services were among the industries that suffered the most securities class actions core filings in 2024.
- 1933 Act filings in state court continued to decline following Sciabacucchi and similar decisions on federal forum provisions, with only five 1933 Act filings in 2024 – the lowest since 2013.
- For the second year in a row, the number of core federal filings in the Ninth Circuit exceeded those in the Second Circuit.
- The number of SPAC core filings fell from 27 to 11, from 2023 to 2024.
As 2024 demonstrated, the D&O landscape continues to evolve and be active. Ensuring robust D&O coverage and adequate limits is essential for proper risk mitigation.
If you have any questions about your coverage or are interested in obtaining coverage, please contact your Aon broker.
1 - Cornerstone Research | Securities Class Action Filings 2024 Year in Review
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