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Bailey McCann, Opalesque New York: Federal securities litigation filings in 2023 increased compared to filings in 2022 and 2021, according to a new report from law firm Gibson and Dunn. Much of the focus this year was on finance filings which increased from 8% to 18%, and filings related to the "Producer and Other Manufacturing" sector doubled on a relative basis from 3% to 6%. Other sectors remained flat or slightly less than years prior.
Monica Loseman, a partner at the firm tells Opalesque that while filings increased, 2023 was relatively consistent in terms of pace and volume on a historical basis and that private fund managers can expect regulators to keep the pressure on.
She adds that there are a few trends to watch for 2024 - "we anticipate more claims focusing on ESG issues, we may also continue to see shareholder litigation in the cryptocurrency space, and claims brought by plaintiffs in the pharmaceutical and technology sectors have been top of the list for several years - we expect that will continue," she says.
ESG
According to the report, ESG filings have already started to increase. The bulk of those filings focus on false or misleading statements about the sustainability of products that companies own or market. A class action suit brought against Oatly Group AB, for example, claims that the oat milk maker misled consumers about the sustainability of its product.
Other cases have alleged claims of discrimination or inconsistencie...................... To view our full article Click here
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