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

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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