Class Action Lawsuits Set New Billion Dollar Settlement Records In 2022 (Forbes)

Class Action Lawsuits Set New Billion Dollar Settlement Records In 2022

  Thursday, January 5th, 2023 Source: Forbes

In 2022, class action lawsuits, which can create crises for companies and organizations, set new records for the amount of settlements in product liability, consumer fraud, antitrust, and other cases. The total value of the settlements exceeded $63 billion.

That’s according to the Duane Morris Class Action Review that analyzed 635 class action decisions last year.

The rulings came from all state and federal courts, including private plaintiff class actions, collective actions, and government enforcement actions.

The report, which was released today, was prepared by Gerald Maatman, Jr., who has prepared similar reports for the past 19 years. He chairs the class action practice at the Duane Morris law firm and is an adjunct law professor at Northwestern University.

‘When the final tally is completed over the next several years, the aggregate settlements may top $100 billion. In 2022, there were 15 class actions that resolved cases for $1 billion or more in settlements,’ according to the report.

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