Securities Class Action Roundup: Top Settlements & Disbursements (Q4, 2025)

Alec Shirkey
January 6, 2026

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A $126 million distribution to Alta Mesa Resources investors – touted by Robbins Geller as the largest SPAC-related recovery ever – highlighted new securities class action activity in the fourth quarter of 2025.

Collectively, investors recouped more than $4 billion from U.S. and Canadian class actions in 2025, putting last year’s recovery total well within the recent historical averages tracked by FRT. Read on for a more detailed look at the top settlements and disbursements from Q4.

Largest Class Action Settlements (Q4:25)

  1. Wells Fargo & Company ($85m)
  2. Opendoor Technologies ($39m)
  3. HP ($39m)
  4. Deloitte SCANA ($34m)
  5. Fang Holdings ($30m)*

There were 30 new settlements for $451.4 million in Q4, including five No Claim Form cases that settled for $66.3 million in total. The $85 million Wells Fargo settlement, which involves alleged false and misleading statements about a diversity hiring initiative, was the largest of the quarter.

*No Claim Form case

Most Active Administrators by Total Settlement Funds (Q4:25)

  1. A.B. Data (6 cases, $126m)
  2. Epiq (4 cases, $100m)
  3. Verita Global (4 cases, $85m)
  4. Angeion Group (3 cases, $48m)
  5. Gilardi & Co (2 cases, $44m)

Largest Class Action Disbursements (Q4:25)

  1. Alta Mesa Resources ($126.3m)
  2. Oak Street Health ($60m)
  3. Quantumscape ($47.5m)
  4. Taro Pharmaceutical ($36m)
  5. Talis Biomedical ($32.5m)

In Q4, we saw 24 settled securities cases pay out $493.7 million to eligible shareholders. Alta Mesa, the largest of these, was settled on Feb. 12, 2025 and disbursed to investors on Dec. 19 – a remarkably short turnaround time for a case of its size and relative complexity. Many claims administration firms have been working to reduce the lag time between filing and distribution, leading to administration periods as short as 6 to 8 months in recent years.

Most Active Administrators by Total Funds Disbursed (Q4:25)

  1. JND Legal Administration (5 cases, $258m)
  2. A.B. Data (3 cases, $99.5m)
  3. Strategic Claim Services (10 cases, $61m)
  4. Epiq (2 cases, $27.5m)
  5. RG/2 (1 case, $27.5m)

Tracked Case Disbursements (Q4:25)

Securities class action settlements that paid out from Oct. 1, 2025 through Dec. 31, 2025.

Disbursement DateCase NameClaim DeadlineSettlement Fund
10/06/2025SUNLIGHT FINANCIAL HOLDINGS INC11/19/2024$3,500,000
10/08/2025TAHOE RESOURCES INC02/01/2024$19,500,000
10/14/2025RENOVACARE INC04/09/2025$2,000,000
10/15/2025TALIS BIOMEDICAL CORPORATION03/13/2025$32,500,000
10/16/2025GRAND CANYON EDUCATION INC09/19/2024$25,500,000
10/17/2025XL FLEET CORP06/14/2024$19,500,000
10/21/2025QUANTUMSCAPE CORPORATION12/13/2024$47,500,000
10/29/2025ATHIRA PHARMA INC09/06/2024$10,000,000
10/30/2025SYMANTEC CORPORATION*N/A$850,000
11/05/2025AIRBOSS OF AMERICA CORP12/20/2024$6,856,100
11/05/2025GATOS SILVER INC10/30/2024$3,734,800
11/06/2025OAK STREET HEALTH INC.11/21/2024$60,000,000
11/13/2025ATI PHYSICAL THERAPY INC10/18/2024$18,900,000
11/13/2025FLYING EAGLE*N/A$10,000,000
11/19/2025THE LOVESAC COMPANY11/08/2024$615,000
11/20/2025CARIBOU BIOSCIENCES INC01/17/2025$3,900,000
11/25/2025NANO-X IMAGING LTD02/19/2024$8,000,000
11/28/2025PURECYCLE TECHNOLOGIES INC09/12/2024$12,000,000
11/28/2025VERTEX ENERGY INC06/20/2025$6,300,000
11/28/2025META MATERIALS INC
06/05/2024$3,000,000
12/03/2025SEQUENTIAL BRANDS GROUP INC03/11/2025$9,750,000
12/16/2025AIMMUNE THERAPEUTICS INC06/06/2025$27,500,000
12/19/2025ALTA MESA RESOURCES INC05/07/2025$126,300,000
12/23/2025TARO PHARMACEUTICAL INDUSTRIES LIMITED08/16/2024$36,000,000

*No Claim Form case

[Read more] No Claim Form, No Problem: Managing Atypical Class Action Distributions

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