The shift toward smaller, more modest claims is the primary driver behind the declining financial figures. According to Cornerstone Research, litigation involving special purpose acquisition companies accounted for 68% of all settlements in 2025. Because these cases typically involve lower damage claims than traditional corporate mergers, the overall monetary footprint of settlements has contracted significantly.

Median settlement values dropped to $10 million in 2025, the lowest point in over a decade. Frank Schneider, co-author of the report, noted that the trend is compounded by a broader decline in settlement values even outside of the SPAC sector. With 80% of all 2025 settlements falling below the $20 million threshold, the era of massive, headline-grabbing payouts in Delaware appears to be cooling. This trend is mirrored by a decline in plaintiff counsel fees, which reached their lowest levels in the study period as a direct consequence of the smaller settlement pools.