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 $4.5 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 breakdown of the largest 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 collectively settled for $66.3 million. A new settlement involving Wells Fargo ($85 million), stemming from 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. VMWare ($102.5m)
  3. Oak Street Health ($60m)
  4. Quantumscape ($47.5m)
  5. Taro Pharmaceutical ($36m)

In Q4, we saw 27 settled securities cases pay out roughly $648 million to eligible shareholders. Alta Mesa, the largest of these, settled on Feb. 12, 2025 and disbursed to investors on Dec. 19 – a notably 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 in recent years, resulting in administration periods as short as 6-to-8 months.

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

  1. JND Legal Administration (6 cases, $298m)
  2. Gilardi & Co. (2 cases, $114.5m)
  3. A.B. Data (3 cases, $99.5m)
  4. Strategic Claim Services (10 cases, $61m)
  5. Epiq (2 cases, $27.5m) and 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
10/08/2025U.S. TAHOE 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
11/05/2025CANADIAN GATOS 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
12/29/2025CABOT OIL & GAS10/16/2024$40,000,000
12/29/2025JERNIGAN CAPITAL INC6/10/2025$12,000,000
12/31/2025VMWARE INC3/17/2025$102,500,000

*No Claim Form case

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

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