- Leads Project Crypto to modernize digital asset rules, supported by the administration's goal of U.S. market leadership.
- Donald Trump discussed his goals for US dominance in an interview with CNBC, while Paul Atkins served as SEC Chair.
- Citadel Securities challenged the SEC's economic analysis as the SEC operates under the Trump administration and Paul Atkins leads overhaul efforts.
D&O Market Trends Show Decline in SEC Enforcement Amid Regulatory Shifts
What happened
According to WTW's 2026 outlook, total securities class action filings fell 11% in 2025 to 207. While the median settlement rose 21% to $17 million, a 10-year high, average settlement values and total aggregate recoveries declined. Furthermore, SEC enforcement actions dropped 30% in fiscal year 2025, the lowest level in a decade.
Why it matters
The trends suggest a market in retreat, despite rising median settlement values. Larry Fine noted that while the volume of private securities class actions increased, there was a shift away from pro-ESG claims toward anti-ESG and AI-related claims.
Citadel Securities challenged the SEC's economic analysis as the SEC operates under the Trump administration and Paul Atkins leads overhaul efforts.
Who's involved
- Donald TrumpPresident of the United States and subject of the administration's influence on the SEC.
- WTWProvider of the 2026 D&O outlook and organizational base for market expert.
- Paul AtkinsSEC Chair whose priorities are reportedly shifting amid these market trends.
- Larry FineManagement liability coverage leader whose views are cited regarding market shifts.
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The entities involved
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Donald Trump
American businessman and politician (born 1946), President of the United States (2017–2021; since 2025)
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WTW
internet messenger