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Recent litigation data suggests that securities class actions remain a recurring feature of the Canadian market, even in a quieter filing year.
According to NERA’s Trends in Canadian Securities Class Actions: 2025 Update, six new securities class actions were filed in Canada during 2025, the lowest annual total observed in the past decade and less than half the 15 filings recorded in 2024. At the same time, seven Canadian securities class actions were settled during the year, with a median settlement value of CAD 10.0 million.
While filing volumes fluctuate from year to year, the more consistent point for institutional investors is that settlement activity continues and recoveries remain available to eligible shareholders.
Cross-Border and Parallel Action Trends
WTax’s Securities Class Action Recovery Solution
What the 2025 Data Suggests
The 2025 data points to a quieter filing year, while still reflecting an active recovery environment.
Seven settlements were recorded in 2025, exceeding the number of new filings for the year. For institutional investors, that reinforces an important practical reality: securities class action recovery follows a longer cycle, with opportunities often arising several years after the underlying event. As a result, lower filing volumes should not reduce the importance of maintaining ongoing recovery oversight.
Key takeaway: A lower filing year does not mean a lower recovery opportunity.
With seven settlements recorded in 2025, the Canadian market continued to generate meaningful securities class action recovery opportunities for eligible institutional investors.
Cross-Border and Parallel Action Trends
Only one of the six new Canadian filings in 2025 had a parallel US action by year-end. At the same time, seven other Canadian-domiciled companies were named as defendants in US securities class actions filed during 2025, most without a corresponding Canadian action.
For institutional investors, this highlights that recovery opportunities connected to Canadian issuers may still arise across multiple jurisdictions and legal processes, particularly where portfolios include both Canadian and US exposure.
Recovery Implications
From an operational perspective, these opportunities need to be identified, assessed and captured properly.
Even in a smaller market like Canada, settlement recoveries can remain meaningful over time, particularly across diversified portfolios. Where recoveries are not monitored consistently or are treated as a secondary administrative process, there is still a risk of missed entitlements or under-captured value.
Successful outcomes depend on how consistently and effectively claims are pursued.
WTax’s Securities Class Action Recovery Solution
WTax provides a fully outsourced securities class action recovery solution designed to support institutional investors across global portfolios. Our service spans settled US securities class actions, global opt-in matters, antitrust cases, and SEC Fair Funds, helping clients maintain broad recovery coverage through a single specialist provider.
A key differentiator is that WTax can also support securities class action and withholding tax recovery through a unified operating model. This allows clients to benefit from a more streamlined recovery framework, including:
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Aligned service across both recovery categories
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Coordinated custodian engagement
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Consolidated reporting through a single provider
Our approach is also underpinned by proprietary technology developed in-house to support case coverage, data review and process efficiency. Combined with our custodian relationships and end-to-end administration model, this is intended to reduce operational friction while providing clear visibility into recovery activity and outcomes.
Looking Ahead
The 2025 Canadian data suggests a market with fewer new filings, but continued recovery relevance.
For institutional investors, the implication is straightforward: securities class action recoveries remain a recurring source of value, and they still require consistent oversight to be captured fully.
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