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2022 class action settlements overview:
- Who: There were more than $63 billion in settlement funds last year, a new record.
- Why: The settlements resolve a combined 635 private plaintiff class actions, collective actions and government-enforced actions.
- Where: The settlements resolve claims made nationwide.
Consumers received more funds than ever through class action settlements last year, with the total amount exceeding a record $63 billion.
The class action settlements resolve claims that include consumer fraud, antitrust, product liability and data breaches, among other things.
The record amount of settlement funds were the result of a total of 635 class action decisions, including private plaintiff class actions, collective actions and government-enforced actions, made in federal and state courts, according to the Duane Morris Class Action Review.
The three largest settlements from last year were all made to resolve opioid-related claims. McKesson topped the list by agreeing to pay 7.4 billion in a settlement, according to the class action review.
AmerisourceBergen and Cardinal Health rounded out the top three for highest settlement amounts, agreeing to pay $6.1 billion and $6 billion, respectively, to resolve opioid-related claims.
Product liability, mass tort claims lead to $50 billion in settlement funds
Claims that led to the most in settlement funds were related to product liability and mass torts, with the duo accounting for a total of $50 billion in settlements — a year-over-year increase of 267%, Forbes reports.
Consumer fraud-related class action lawsuits, meanwhile, led to nearly $8.6 billion settlement funds, while antitrust-related class action lawsuits came in third place by bringing in $3.8 billion in settlements.
Companies also made settlements last year to resolve allegations revolving around securities fraud ($3.25 billion), civil rights ($1.31 billion), privacy ($896.7 million), employment discrimination ($597 million) and data breaches ($719.21 million), among other things.
A number of companies agreed to class action settlements to resolve claims around how they handled data breaches last year, including T-Mobile, LifeBridge Health, SN Servicing and Presidio, among others.
Consumers behind the data breach class action lawsuits argued the companies could have done more to prevent the data breaches from occurring and that they ultimately failed to protect their personal information.
Did you financially benefit from a class action settlement in 2022 ? Let us know in the comments!
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2 thoughts on2022 class action lawsuits set new records, exceed $63 billion in settlements
Where do these billions of dollars in fines go? Does Gov. Award the money to health corporations, who give alot to lobbiest, who inturn give it right back to our politicians, to vote certain ways on certain bills, so they all stay super wealthy? Prolly!
who got billions bucks while i got couple bucks in class action zuire