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ARTICLE · 30 MARCH 2026

Securities And Derivative Litigation: Report

Dechert
Dechert
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Dechert

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The 2025 securities class action landscape presents a paradox that issuers and their boards should take note of: although overall filing volume declined, the financial magnitude of these cases reached unprecedented levels.

United StatesFinance and Banking
Joni S. Jacobsen
Joni S. Jacobsen
Angela M. Liu
Angela M. Liu
Harnelle St Cloud
Harnelle St Cloud
Jeremy Lewis
Jeremy Lewis

In this edition of Dechert's Securities & Derivative Litigation Report, we:

  • Look back on the 2025 securities class action landscape – where the aggregate dollar value of investor losses associated with class action filings reached a record high, and AI-related suits continued to rise while COVID-19 and special purpose acquisition company (SPAC)-related filings fell.
  • Examine the growing trend of AI-related securities actions and highlight notable cases from 2025.
  • Analyze the Ninth Circuit's September 2025 affirmance in Jaeger v. Zillow Grp., Inc., its articulation of the Goldman mismatch standard, and the practical implications of the resulting circuit divide.

A Look Back at the 2025 Securities Class Action Landscape

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