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Class Action Survey: Companies Perceive Consumer Fraud Class Actions as Posing the Biggest Risk
May 15, 2023

Companies continue to see consumer fraud class actions as posing the largest threat by a wide margin, pointing to claims based on both the use of social media, and ESG disclosures and practices. Employment claims pose more risk than previously reported because perceived employee activism created unrest, lost productivity, and financial risk alongside the costs associated with an increased number of baseless claims. Securities fraud class actions against public companies saw a jump this year, as a result of changes in public disclosures about future guidance and the U.S. stock market’s roller coaster approach to end 2022. While product liability is still a small share of perceived risk, in this year’s 2023 Carlton Fields Class Action Survey, it more than doubled from the share it held last year. Finally, while data privacy class actions are anticipated to increase in number in 2023, concern for the risk from such suits has dropped. Larger companies are educated on the risks, and report that they can better predict outcomes.
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