- While the number of settlements in 2023 declined by more than 20% from 2022, 2023 total settlement dollars were roughly the same as in 2022.
- The nine mega settlements in 2023—the highest number since 2016—ranged from $102.5 million to $1 billion. (See Appendix 4 for an analysis of mega settlements.)
- Cases involving institutional investors as lead plaintiffs represented 86% of total settlement dollars in 2023, in line with the percentage in 2022.
Mega settlements accounted for nearly two-thirds of 2023 total settlement dollars, up from 52% in 2022.
Figure 2: Total Settlement Dollars 2014–2023
(Dollars in billions)
Note: Settlement dollars are adjusted for inflation; 2023 dollar equivalent figures are presented. “N” refers to the number of cases.
The views expressed herein are solely those of the authors and do not necessarily represent the views of Cornerstone Research.
