Securities Class Action Roundup: Top Settlements & Disbursements (Q2, 2025)
A $450 million settlement involving Kraft Heinz paid out to investors in May, headlining new securities class action activity for the second quarter of 2025.
The Kraft recovery was one of six different cases that disbursed more than $100 million during the quarter. In total, FRT tracked more than $1.6 billion in investor recoveries for Q2, a 141% increase compared to the prior quarter ($683 million).
Largest Case Settlements (Q2:25)
- Zoom Video Communications ($150m)
- ViacomCBS ($120m)
- Dentsply Sirona ($84m)
- Compass Minerals ($48m)
- Exelon Fair Fund ($46.2m)
New settlements essentially held flat quarter-over-quarter and were within historical norms, totaling $929 million across 37 cases. Cases involving Zoom and ViacomCBS represent the second- and fourth-largest settlements, respectively, that FRT has identified in 2025. Investors might only see 5-10 cases exceed $100 million in settlement value during a given year.
It is not uncommon for SEC Fair Funds to follow securities class actions. Exelon is one such example. In April, the SEC enforced a $46.2 million penalty against Exelon, just as a $173 million class action settlement from 2023 disbursed to eligible shareholders.
Most Active Claims Administrators by Total Settlement Funds (Q2:25)
- A.B. Data (10 cases, $284m)
- Gilardi & Co (4 cases, $246m)
- JND Legal Administration (3 cases, $203m)
- Simpluris (2 cases, $58m)
- Epiq (4 cases, $43m)
Related: Why Securities Class Action Administration is Critical to Investor Recoveries
Largest Case Disbursements (Q2:25)
- Kraft Heinz ($450m)
- Exelon ($173m)
- Santander Consumer USA ($162.5m)
- Viacom ($122.5m)
- Cardinal Health ($109m)
To date, Kraft Heinz represents the largest disbursement of 2025 by a large margin. It would have been the fourth-largest case disbursed in 2024.
The Santander and Viacom cases are the most recent examples of Delaware breach of fiduciary duty class actions, which are notable in that investors do not need to submit proof of claim forms to receive compensation. Instead, investors giving shares in the disputed transaction are automatically eligible, which can create remittance challenges for investment operations teams.
Related: Delaware Shareholder Recovery 101: Class Actions vs. Appraisal Rights
Most Active Claims Administrators by Total Funds Disbursed (Q2:25)
- JND Legal Administration (3 cases, $515m)
- A.B. Data (10 cases, $388m)
- Gilardi & Co (7 cases, $365m)
- Epiq (8 cases, $279m)
- Strategic Claims Services (10 cases, $34m)
Tracked Case Disbursements (Q2:25)
Securities class action settlements that paid out from Apr. 1, 2025 through Jun. 30, 2025.
| Disbursement Date | Case Name | Claim Deadline | Settlement Fund |
|---|---|---|---|
| 04/01/2025 | HEALTH INSURANCE INNOVATIONS INC FAIR FUND | 03/28/2024 | $12,111,511 |
| 04/01/2025 | 6D GLOBAL TECHNOLOGIES, INC., | 01/25/2021 | $640,000 |
| 04/01/2025 | 6D GLOBAL TECHNOLOGIES, INC., | 09/06/2023 | $260,000 |
| 04/03/2025 | SCUSA STOCKHOLDERS LITIGATION | N/A | $162,500,000 |
| 04/03/2025 | NEWELL BRANDS INC | 03/02/2023 | $102,500,000 |
| 04/08/2025 | VIACOM INC (Paramount merger case) | N/A | $122,500,000 |
| 04/08/2025 | MINDBODY INC | N/A | $27,000,000 |
| 04/08/2025 | STRAIGHT PATH COMMUNICATIONS INC | N/A | $12,500,000 |
| 04/08/2025 | COVISINT CORP | N/A | $9,000,000 |
| 04/08/2025 | BAKKT HOLDINGS INC | 01/09/2024 | $3,000,000 |
| 04/09/2025 | SONUS NETWORKS INC | 03/15/2024 | $4,500,000 |
| 04/10/2025 | REATA PHARMACEUTICALS, INC. | 04/24/2024 | $45,000,000 |
| 04/10/2025 | BOSTON SCIENTIFIC CORP. | 05/28/2024 | $38,500,000 |
| 04/15/2025 | FIFTH THIRD BANCORP FAIR FUND | 06/05/2023 | $6,600,000 |
| 04/18/2025 | MAMMOTH ENERGY SERVICES INC | 10/30/2021 | $11,000,000 |
| 04/21/2025 | CORCEPT THERAPEUTICS INC | 05/13/2024 | $14,000,000 |
| 04/25/2025 | EXELON CORP | 09/28/2023 | $173,000,000 |
| 04/29/2025 | RYANAIR HOLDINGS PLC | 10/17/2023 | $5,000,000 |
| 04/30/2025 | QIHOO 360 TECHNOLOGY CO LTD | 08/08/2024 | $29,750,000 |
| 04/30/2025 | HUMANIGEN INC | 03/07/2024 | $3,000,000 |
| 04/30/2025 | HYRECAR INC. | 12/14/2024 | $1,900,000 |
| 05/01/2025 | NISSAN MOTOR CO LTD | 09/14/2022 | $36,000,000 |
| 05/01/2025 | EROS INTERNATIONAL PLC | 12/06/2023 | $25,000,000 |
| 05/02/2025 | AKAZOO S.A. | 10/07/2022 | $1,610,000 |
| 05/07/2025 | AMAYA INC. | 02/23/2024 | $1,322,100 |
| 05/08/2025 | DESARROLLADORA HOMEX, S.A.B. DE C.V. | 09/09/2020 | $300,000 |
| 05/09/2025 | OKTA INC | 10/29/2024 | $60,000,000 |
| 05/09/2025 | OLO INC | 07/09/2024 | $9,000,000 |
| 05/15/2025 | THE KRAFT HEINZ COMPANY | 10/10/2023 | $450,000,000 |
| 05/16/2025 | BLOOM ENERGY CORP | 03/29/2024 | $3,000,000 |
| 05/20/2025 | HOME POINT CAPITAL INC. | 04/15/2024 | $5,000,000 |
| 05/22/2025 | CARBONITE INC | 06/21/2024 | $27,500,000 |
| 05/23/2025 | LOMA NEGRA COMPANIA INDUSTRIAL | 04/19/2024 | $24,600,000 |
| 05/28/2025 | STABLE ROAD ACQUISITION CORP | 04/05/2024 | $8,500,000 |
| 05/30/2025 | CANADIAN TAHOE RESOURCES INC | 02/02/2024 | $19,500,000 |
| 06/01/2025 | AUXLY CANNABIS GROUP INC | 04/13/2024 | $2,966,226 |
| 06/03/2025 | FULL TRUCK ALLIANCE CO. LTD. | 07/23/2024 | $10,250,000 |
| 06/05/2025 | MAGNACHIP SEMICONDUCTOR CORP FAIR FUND | 12/06/2023 | $3,135,000 |
| 06/06/2025 | EOS ENERGY ENTERPRISES, INC. | 11/04/2024 | $8,500,000 |
| 06/12/2025 | HP INC | 08/14/2023 | $10,500,000 |
| 06/12/2025 | APPHARVEST INC | 05/22/2024 | $4,850,000 |
| 06/16/2025 | BLINK CHARGING CO | 12/04/2024 | $3,750,000 |
| 06/17/2025 | JAMES RIVER GROUP HOLDINGS LTD | 06/25/2024 | $30,000,000 |
| 06/18/2025 | TENARIS S.A. | 09/12/2023 | $9,500,000 |
| 06/24/2025 | CARDINAL HEALTH INC | 07/24/2023 | $109,000,000 |
| 06/24/2025 | ADAMAS PHARMACEUTICALS INC | 08/28/2024 | $4,650,000 |
[Session Transcript] Addressing 3 of Today’s Biggest Class Action Challenges
Changing filing requirements and greater scrutiny of shareholder claims have made filing and recovery even more complex. As a result, documentation audits, claim deficiencies, and maintaining visibility into the full lifecycle of a filed claim are common operational friction points investors face with class actions today.
Access the webinar transcript below for practical insights from FRT’s Bill Kidder (COO), Malav Mehta (VP, Product Management, and Allison McGrath (VP, Client Success). Or, you can read a quick recap here.