Are You Owed Money as Part of a Securities Class Action Suit?
The number of securities class action suits jumped by 17.2% in the past year, according to a new report from ISS Securities Class Action Services. The total monetary settlements in 2021 reached $3.51 billion, which was a 7.6% increase, the report said. Class action lawsuits of all forms provide economic surety against unethical or illegal business practices or, in some cases, government neglect or mismanagement.
Among the biggest names in security class action suits last year were Valeant Pharmaceutical International, Inc. and Snap, Inc., parent company of the popular social media platform Snapchat. Valeant was accused of falsely advertising its line of healthcare products and settled for $1.21 billion. Snap, Inc. was accused of fraudulently downplaying the effect of Apple’s new data privacy features on Snap’s advertising revenue, according to a press release distributed by PR Newswire. Snap, Inc. settled the class action suit for $187.5 million.
The two largest settlements represented 40% of the settlement funds for all 116 class action cases in 2021, ISS Securities Class Action Services reported.
“Investors last year saw significant monetary recoveries relative to 2020 and we expect that trend to continue in 2022,” said Ivar Eilertsen, Head of ISS Securities Class Action Services. “The settlement pipeline this year already appears robust with the lawsuit against Twitter, Inc., alone expected to settle for more than $800 million.”
Discover: How Much Is Snapchat Worth?
How to Claim Funds from a Class Action Suit
Class action suits are important to help ensure that companies operate ethically and are held accountable for their actions. Securities class action suits typically affect investors, while other consumer class action suits can relate to a variety of issues, from data breaches to false advertising and even faulty or dangerous products.
If you are entitled to funds from a class action suit, you may receive a postcard notification in the mail — or an email — if you are listed as a customer of the company being sued. Follow the directions on the postcard or in the email if you’d like to participate. It can take several months to a year for a check to be mailed, but you can enjoy the windfall when — or if — the case is won or settled.
How to Find out if You Are Entitled to a Settlement
The Consumer Action Class Action database is one service that allows you to search pending, open, and closed class action suits for free. Right now, the site lists 22 class action suits open to claims, which means you can file a claim and receive money. There are 26 pending cases and 608 closed cases in the database right now.
Companies like ISS Securities Class Action Services provide monitoring for law firms and consultants who can notify their clients of securities class action suits, specifically.
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