Securities Class Action Roundup: Top Settlements & Disbursements (Q3, 2025)
A $350 million securities case involving Alphabet paid out to investors in July, headlining new shareholder class action activity in the third quarter of 2025.
In addition, FRT tracked four new U.S. recovery opportunities with more than a $130 million settlement value each. Among them was the $200 million Barclays Fair Fund – the SEC’s largest enforcement action of the year so far.
Largest Case Settlements (Q3:25)
- CareDx ($202.5m)
- Barclays Fair Fund ($200m)
- EQT Corporation ($167.5m)
- Turquoise Hill Resources ($138.7m)
- Olaplex Holdings ($47.5m)
The CareDx, Barclays, EQT, and Turquoise Hill class actions account for four of the six largest settlements we’ve seen take place in 2025. Typically, investors may only see 5-10 cases exceed a $100 million settlement value during a single year, making Q3 a more active period for shareholder recovery.
Most Active Claims Administrators by Total Settlement Funds (Q3:25)
- A.B. Data (7 cases, $446m)
- Gilardi & Co / KCC Class Action Services (4 cases, $263m)
- JND Legal Administration (2 cases, $153m)
- Epiq (5 cases, $91m)
- Strategic Claim Services (5 cases, $82m)
Largest Case Disbursements (Q3:25)
- Alphabet ($350m)
- Rite Aid ($192.5m)
- Perrigo ($97m)
- Mallinckrodt ($65.7m)
- Forescout Technologies ($45.2m)
The Alphabet and Rite Aid cases represent two of the three biggest shareholder distributions made this year. Beyond these efforts, FRT saw multiple international cases pay out in Q3, led by the $46.5 million G8 Education class action in Australia.
Most Active Claims Administrators by Total Funds Disbursed (Q3:25)
- Gilardi & Co (5 cases, $649m)
- A.B. Data (5 cases, $165m)
- JND Legal Administration (4 cases, $164m)
- Strategic Claim Services (8 cases, $92m)
- RicePoint Administration (3 cases, $26m)
Tracked Case Disbursements (Q3:25)
Securities class action settlements that paid out from Jul. 1, 2025 through Sept. 30, 2025.
| Disbursement Date | Case Name | Claim Deadline | Settlement Fund |
|---|---|---|---|
| 07/01/2025 | BIOVENTUS INC | 12/02/2024 | $15,250,000.00 |
| 07/02/2025 | CIMIC (Australia)* | 06/21/2023 | $45,250,000.00 |
| 07/02/2025 | (EUROYEN) Laydon v. Mizuho Bank, Ltd. et al** | 08/02/2024 | $35,000,000.00 |
| 07/02/2025 | (EUROYEN) Laydon v. Mizuho Bank, Ltd. et al** | 04/28/2023 | $22,500,000.00 |
| 07/02/2025 | TORONTO-DOMINION BANK | 05/13/2024 | $16,216,200.00 |
| 07/03/2025 | CITRIX SYSTEMS INC | 12/17/2024 | $17,500,000.00 |
| 07/11/2025 | MISSFRESH LIMITED | 10/05/2024 | $4,903,900.00 |
| 07/14/2025 | CLECO CORP | 03/06/2024 | $37,000,000.00 |
| 07/16/2025 | CONDUENT INC | 05/19/2023 | $32,000,000.00 |
| 07/17/2025 | MARRONE BIO INNOVATIONS, INC., | 05/06/2019 | $775,000.00 |
| 07/21/2025 | GDS HOLDINGS LTD | 01/13/2025 | $3,000,000.00 |
| 07/23/2025 | NORTHERN DYNASTY MINERALS LTD | 06/12/2024 | $2,125,000.00 |
| 07/24/2025 | BUMBLE INC. | 09/11/2023 | $18,000,000.00 |
| 07/31/2025 | ALPHABET INC. | 07/25/2024 | $350,000,000.00 |
| 07/31/2025 | IRB BRASIL RESSEGUROS SA | 02/28/2025 | $5,000,000.00 |
| 08/01/2025 | MALLINCKRODT PLC, | 10/27/2022 | $65,750,000.00 |
| 08/01/2025 | Y-mAbs THERAPEUTICS | 10/07/2024 | $19,650,000.00 |
| 08/04/2025 | PRUDENTIAL FINANCIAL INC | 07/30/2024 | $35,000,000.00 |
| 08/11/2025 | RITE AID (Walgreens) | 02/12/2024 | $192,500,000.00 |
| 08/19/2025 | EXICURE INC | 01/27/2025 | $5,625,000.00 |
| 08/19/2025 | FRANKLIN WIRELESS CORP | 08/22/2024 | $2,400,000.00 |
| 08/21/2025 | AIRBUS SE (Netherlands)* | 6/21/2023 | $7,000,000.00 |
| 08/22/2025 | STERLING BANCORP | 05/28/2024 | $27,239,000.00 |
| 08/28/2025 | JERNIGAN CAPITAL INC | 01/11/2025 | $3,925,000.00 |
| 08/29/2025 | PEGASYSTEMS INC | 10/07/2024 | $35,000,000.00 |
| 09/02/2025 | DADA NEXUS LIMITED | 02/15/2025 | $4,800,000.00 |
| 09/04/2025 | G8 EDUCATION (Australia)* | 03/25/2024 | $46,500,000.00 |
| 09/04/2025 | PELOTON INTERACTIVE INC | 05/21/2024 | $13,950,000.00 |
| 09/09/2025 | ALFI INC | 03/29/2024 | $1,725,000.00 |
| 09/11/2025 | RCR TOMLINSON (Australia)* | 01/18/2024 | $40,000,000.00 |
| 09/12/2025 | EMERGENT BIOSOLUTIONS INC | 02/04/2025 | $40,000,000.00 |
| 09/15/2025 | PERRIGO COMPANY PLC | 08/26/2024 | $97,000,000.00 |
| 09/15/2025 | NORTHLAND RESOURCES S.A. | 12/15/2023 | $7,993,185.00 |
| 09/17/2025 | GINKGO BIOWORKS | 11/21/2024 | $17,750,000.00 |
| 09/22/2025 | ELECTRIC LAST MILE SOLUTIONS, INC. | 08/30/2024 | $2,700,000.00 |
| 09/29/2025 | CASPER SLEEP INC | 10/18/2024 | $3,000,000.00 |
*Global opt-in case
**Securities-related antitrust case
A Fireside Chat with BlackRock: Ensuring Class Action Payment Accuracy & Oversight
Class actions generate billions in shareholder recoveries each year. But even after the hard work of monitoring settlements and filing claims is done, ensuring payment distributions are accurate and correctly allocated is a critical – and increasingly burdensome – piece of running an effective class action program.
Register below to access an engaging fireside chat featuring Lil Ancona, Managing Director at BlackRock, and FRT’s Mike Lange as they unpack the operational and oversight challenges of class action recovery’s last mile: payments.