Securities Fraud Class Action Lawsuits: Settlements & Disbursements (Q1:24)

Alec Shirkey
April 8, 2024

The shareholder litigation landscape remained as busy as ever in the first quarter of 2024, as our team tracked nearly $675 million in securities class action settlements reached from January through March.  

Meanwhile, case disbursements for the quarter came in at $792 million – representing a 39% increase over Q4:23.  

First quarter highlights from FRT include: 

  • Identifying 35 new class action settlements both in the U.S. and abroad 
  • Filing more than 107,000 claims on behalf of clients 

Read on for a high-level roundup of key settlements and disbursements from the quarter. (Note: all data is based on settlement fund value.) 

 

Largest Case Settlements (Q1:24)

  1. Becton Dickinson ($85m)
  2. BP ($60.9m)
  3. Novavax ($47m)
  4. Ryder ($45m)
  5. Reata Pharmaceuticals ($45m)

Most Active Claims Administrators by Settlements (Q1:24)

  1. JND Legal Administration (4 cases, $197m)
  2. A.B. Data (8 cases, $163.5m)
  3. Epiq Systems (6 cases, $93.5m)
  4. Strategic Claims Services (6 cases, $64.1m)
  5. RCB Fund Services (1 case, $60.9m)

Largest Case Disbursements (Q1:24)

  1. Commodity Exchange – Gold Fixing ($152m)*
  2. Allergan ($130m)
  3. Endo International ($63.4m)
  4. Resideo Technologies ($55m)
  5. Advance Auto Parts (49.25m)

*Total of two separate settlements 

Most Active Claims Administrators by Disbursements (Q1:24)

  1. A.B. Data (6 cases, $186m)
  2. Kurtzman Carson (3 cases, $123m)
  3. Angeion Group (2 cases, $77.35m)
  4. Gilardi & Co. (3 cases, $75m)
  5. Strategic Claims Services (8 cases, $71.5m)

 

Tracked Case Disbursements (Q1:24)

Disbursement DateCase NameClaim DeadlineSettlement Fund
01/02/2024OMEGA HEALTHCARE INVESTORS, INC.,03/24/2023$30,750,000.00
01/09/2024SUNDIAL GROWERS INC10/05/2022$7,000,000.00
01/11/2024UNITED DEVELOPMENT FUNDING III LP Fair Fund$8,300,000.00
01/12/2024PORTOLA PHARMACEUTICALS INC02/13/2023$17,500,000.00
01/12/2024Southwestern Energy Co. Securities Litigation10/12/2021$7,000,000.00
01/16/2024SESEN BIO, INC.02/28/2023$21,000,000.00
01/18/2024BRASKEM S.A.04/19/2023$3,000,000.00
01/22/2024MESA AIR GROUP INC03/07/2023$5,000,000.00
01/24/2024Hastie Group Ltd (Omni Bridgeway & PFM)
01/25/2024ALNYLAM PHARMACEUTICALS INC03/17/2022$7,000,000.00
01/26/2024FRONTIER COMMUNICATIONS CORPORATION,06/15/2022$15,500,000.00
02/06/2024JIAYIN GROUP INC.12/09/2022$2,000,000.00
02/07/2024NN INC.12/15/2022$9,500,000.00
02/08/2024ACUITY BRANDS INC05/18/2022$15,750,000.00
02/12/2024SUPER MICRO COMPUTER, INC.,02/27/2023$18,250,000.00
02/13/2024CBS CORP09/19/2022$14,750,000.00
02/20/2024GRUBHUB INC02/02/2023$42,000,000.00
02/22/2024DAKOTA PLAINS HOLDINGS, INC.,10/25/2022$13,950,000.00
02/23/2024UNITI GROUP INC12/01/2022$38,875,000.00
02/26/2024FAT BRANDS INC01/28/2023$3,000,000.00
02/27/2024FIAT CHRYSLER AUTOMOBILES NV02/13/2022$5,000,000.00
03/01/2024TAL EDUCATION GROUP11/30/2021$7,500,000.00
03/08/2024CANADIAN SOLAR, INC.,05/31/2021$13,000,000.00
03/15/2024ENDO INTERNATIONAL PLC02/14/2022$63,400,000.00
03/18/2024BAYERISCHE MOTOREN WERKE AG08/25/2022$1,750,000.00
03/19/2024ALLERGAN PLC,12/27/2021$130,000,000.00
03/21/2024RESIDEO TECHNOLOGIES INC03/04/2022$55,000,000.00
03/22/2024ADVANCE AUTO PARTS, INC.,06/09/2022$49,250,000.00
03/22/2024WORKHORSE GROUP INC07/03/2023$35,000,000.00
03/29/2024(GOLD Fixing) In re Commodity Exchange,08/23/2021$102,000,000.00
03/29/2024(GOLD Fixing) In re Commodity Exchange,04/19/2022$50,000,000.00
04/03/2024CBL & ASSOC PROP08/14/2023$17,500,000.00

 

Required Reading

The Global Investment Recovery Landscape: 5 Key Takeaways 

Each year, FRT hosts an in-depth webinar covering historical and emerging trends in shareholder recovery efforts. You can access that recording here – or read our executive summary if you’re busy. 

‘But-For’ Modeling in the Stock Lending Class Action Settlements 

Mike Lange, FRT’s SVP Worldwide Litigation, takes a closer look at the evolving antitrust class action lawsuit centered around the stock lending market. While this case could apply to a wide range of institutions, claims processing could be especially challenging for reasons Lange explains in his recent update. 

 

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Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

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