Class Action Settlements More Than Double to US$7.4 Billion in 2022

In 2022, global investors agreed to US$7.4 billion in settlements, representing a 75% increase according to data from ISS Insights. There were a number of high-profile cases, including Twitter, Teva and Steinhoff. Twitter was the largest US settlement of the year at US$809.5 million, with the social media platform found culpable of misleading investors over growth prospects and user engagement over a six-month period in 2015. US drugmaker Teva and its investors settled for US$420 million to resolve allegations surrounding a generic drug price-fixing conspiracy that allowed the firm to significantly raise prices by as much as 1000% between 2013 and 2015. Dual listed German and South African retail firm Steinhoff International Holdings settled for €1.4 billion, the largest settlement of all-time outside North America. Accounting fraud at Steinhoff saw its share price tumble 95%, representing a €12.6 billion loss in market capitalisation after December 2017 disclosures. 

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