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ACCOUNTING CLASS ACTION FILINGS AND SETTLEMENTS 2020 Review and Analysis The number of securities class action filings involving accounting allegations increased for the third consecutive year.
The report found that accounting allegations continue to have a substantial impact on securities class actions. Accounting allegations were present in more than 30% of all federal securities class action filings, and accounting cases made up 84% of total settlement dollars in 2020.
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SECURITIES CLASS ACTION SETTLEMENTS 2020 Review and Analysis Securities Class Action Settlements Stay on Pace Despite Pandemic Median settlement value in 2020 declined 13% from 2018/2019 levels.
Despite the unprecedented economic disruption that the COVID-19 pandemic caused in 2020, settlements in securities class actions generally continued at a pace typical of recent years. The report, Securities Class Action Settlements—2020 Review and Analysis, found that courts approved 77 settlements totaling $4.2 billion in 2020, compared to 74 settlements totaling $2.1 billion the previous year. There were six mega settlements (equal to or greater than $100 million) in 2020, ranging from $149 million to $1.2 billion. Excluding settlements over $1 billion, total settlement values declined by 4% in 2020 over 2019.
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