FRT’s 2026 Class Action Intelligence Report: Securities Class Action Trends

Alec Shirkey
March 31, 2026

The main securities class action trend in 2026 is size: 10 settlements exceeded $100 million in the first six months, data from Financial Recovery Technologies (FRT) shows, after eight such U.S. cases in all of 2025. Filings fell in 2025, AI-related suits kept rising and claim administrators grew stricter. FRT’s 2026 Class Action Intelligence Report ranks the 2025 cases and the open findings are below.

Shareholder recovery changes every year. Staying ahead of the latest regulatory and legal developments requires an understanding of how the plaintiff bar, regulators and administrators operate and how their work shapes recovery outcomes.

FRT maintains a proprietary settlement database that tracks material shareholder recovery opportunities across relevant jurisdictions.

Access proprietary analysis from FRT’s in-house legal team, covering:
  • North American securities class actions and SEC Fair Funds
  • Investment-related antitrust cases and non-standard recoveries
  • Global passive and opt-in litigation
  • A review of the top settlements and distributions from 2025

Five findings from the 2026 Class Action Intelligence Report

FRT has published five securities class action trends for 2026 from the report, on its report page and in its market updates:

  1. Fewer suits, bigger settlements. New securities suits fell about 10% in 2025, according to the report (NERA counted an 11% drop), yet 10 settlements exceeded $100 million in the first six months of 2026.
  2. A changing case mix. AI-related suits rose for the third year running and crypto filings returned to double digits in 2025, per the report. NERA counted 14 crypto-related filings in 2025.
  3. Early dismissals. Roughly half of all filed suits are dismissed early. The report shows which surviving cases paid and how much (report page).
  4. Stricter claims review. Administrators are auditing more claims and asking for more records to support trades and holdings, and deficiency trends led to 1 in 3 manual claims being rejected (FRT 2025 recap; report page).
  5. Australia paid well. Eight Australian class actions settled in 2025 and recent cases returned about 38% of investor losses on average, more than FRT typically sees in U.S. or opt-in cases.

What the 2026 trends mean for institutional investors

Larger settlements raise the cost of a missed or rejected claim. With administrators auditing high-value claims more closely, the records behind each claim matter as much as the filing. SEC Fair Funds add their own requirements, from case-specific authorization forms to documentation of every trade. No-claim-form settlements, which pay holders of record automatically, also need tracking: two of them, Santander ($162.5 million) and Viacom ($122.5 million), were among the top 10 class actions to pay out in 2025, according to FRT. FRT’s securities class action service covers North American filing; the full report covers the global opt-in, passive and antitrust cases as well.

This page is reviewed quarterly and after FRT’s quarterly settlement roundups or the NERA and Cornerstone full-year reports. Next scheduled review: January 29, 2027.

2026 class action report FAQ

What are the securities class action trends for 2026?

Larger settlements and a shifting case mix. FRT counted 10 settlements over $100 million in the first half of 2026. Filings were on pace for 236 in 2026, 15% above 2025, as of NERA’s July 2026 midyear count, with AI-related cases rising.

How many securities class actions were filed in the first half of 2026?

NERA counted 118 new federal securities class actions and Cornerstone Research counted 121. The difference reflects each firm’s counting rules.

What does FRT’s 2026 Class Action Intelligence Report cover?

FRT’s 2026 Class Action Intelligence Report ranks the top settlements and distributions of 2025 with per-share figures. It covers North American securities class actions and SEC Fair Funds, investment-related antitrust cases, global passive and opt-in litigation and what claims administrators now require to pay a claim.

Is the report free?

Yes. The report is free for institutional investors and their service providers. Complete the form on this page to open it in your browser.

Get the full 2026 Class Action Intelligence Report

The full report includes the top 10 settlements and distributions of 2025, the non-U.S. jurisdictions that paid and the participation-risk calls behind each one, and the documentation administrators now ask for, as listed on the report page. Complete the form below to download it.

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Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.