Report | February 25, 2026
Trends in AI-Related Securities Class Actions Through 2025
Bilal Shah, Chris Riper and Lauren Nasta examine the accelerating wave of securities litigation tied to artificial intelligence.
Mr. Shah is a Chartered Financial Analyst (CFA) Charter-holder and an economist by trade. He has more than 12 years of experience in litigation, economic, strategic, and Data & AI consulting. An accomplished statistician and data expert, Mr. Shah has worked on engagements across a plethora of industries on mitigating risks, analyzing market efficiency and quantifying economic and financial damages.
San Francisco
A dynamic and results-driven leader, Bilal Shah has extensive experience in Economic and Financial consulting, Securities Litigation, Forensic Data Analytics, and Data & AI consulting. He has led Data & AI initiatives, developed high-performing interdisciplinary teams, and driven digital transformation across various industries. He has also supported expert witness testimony within securities (10b-5), antitrust, IP, TCPA, Market Microstructure, Ponzi scheme and RMBS valuation related litigation.
With a proven track record in growing teams and conducting complex consulting and statistical engagements, Bilal has provided strategic business, data and technological guidance to clients ranging from mid-sized firms to Fortune 500 companies, specifically within Marketing, HR, Sales, Finance, and Operations domains. He has been an advisor to boards and C-Suite executives on setting up the right data foundations for a safe, secure, and prosperous AI experience.
Bilal now works at the intersection of securities litigation, AI governance, and master data management. He conducts complex statistical analyses and algorithm evaluations to support expert witness testimony and calculate economic and financial damages while also opining on market efficiency and Data & AI risk management.
Trends in AI-Related Securities Class Actions Through 2025
Bilal Shah, Chris Riper and Lauren Nasta examine the accelerating wave of securities litigation tied to artificial intelligence.
FirstEnergy at the Sixth Circuit Reshapes Securities Class Actions
In its landmark ruling in Owens, et al. v. FirstEnergy Corp., et al. (“FirstEnergy”), the U.S. Court of Appeals for the Sixth Circuit vacated the district court’s class‑certification order, clarifying a new standard for certifying a class in securities class actions.
Statistics Tools Chart A Path For AI Use In Expert Testimony
As AI and machine learning tools become more common in expert workflows, courts are increasingly scrutinizing their use under Federal Rule of Evidence 702. In The Risks and a Path Forward for AI and Machine Learning Tools in Expert Testimony, we examine recent cases where AI-assisted opinions were excluded due to concerns about reliability, transparency, and expert understanding.