Securities Class Action Lawsuits: Settlements & Disbursements (Q2, 2024)
A couple of eye-watering settlements and distributions highlighted FRT’s securities class action data for the second quarter of 2024.
Leading the way was an $809.5 million class action involving Twitter, which paid out in May and resulted in substantial recoveries for a number of FRT clients. In addition, three new case settlements topped the $300 million mark in Q2, with the stock lending antitrust litigation topping our charts at $580 million.
Overall, courts approved $2 billion in net-new settlements this past quarter, up sharply from Q1’s total of $674 million. Total case disbursements also increased quarter-over-quarter by more than $1 billion, according to FRT data.
Read on for the largest settlements and disbursements we tracked in Q2, 2024. (Note: all dollar amounts are based on settlement fund value.)
Largest Case Settlements (Q2:24)
- Stock Lending: IPERS v. Merrill Lynch ($580m)
- Apple ($490m)
- Alphabet ($350m)
- Perrigo ($97m)
- Apache Corporation ($65m)
Most Active Claims Administrators by Settlements (Q2:24)
- Gilardi & Co (7 cases, $980.5m)
- Epiq Systems (5 cases, $638.9m)
- JND Legal Administration (4 cases, $171.85m)
- A.B. Data (3 cases, $103.45m)
- Strategic Claims Services (8 cases, $74.95m)
Largest Case Disbursements (Q2:24)
- Twitter ($809.5m)
- JPMorgan Metal Spoofing – DOJ action ($311.74m)
- Wells Fargo ($300m)
- Novo Nordisk ($100m)
- Valeant Pharmaceuticals ($94m)
Most Active Claims Administrators by Disbursements (Q2:24)
- Epiq Systems (8 cases, $1.01b)
- Gilardi & Co (3 cases, $319.5m)
- A.B. Data (7 cases, $134m)
- JND Legal Administration (1 case, $100m)
- Strategic Claims Services (6 cases, $33.9m)
Tracked Case Disbursements (Q1:24)
| Disbursement Date | Case Name | Claim Deadline | Settlement Fund |
|---|---|---|---|
| 04/03/2024 | CBL & ASSOC PROP | 08/14/2023 | $17,500,000.00 |
| 04/05/2024 | US STEEL GROUP | 03/01/2023 | $40,000,000.00 |
| 04/16/2024 | PORTLAND GENERAL ELECTRIC COMPANY | 12/21/2021 | $6,750,000.00 |
| 04/17/2024 | PEABODY ENERGY CORP. | 02/02/2023 | $4,625,000.00 |
| 04/19/2024 | SPRINT CORP | 07/25/2023 | $3,750,000.00 |
| 04/19/2024 | MOLINA HEALTHCARE, INC., | 10/17/2020 | $7,500,000.00 |
| 04/19/2024 | JA SOLAR HOLDINGS CO LTD | 07/08/2023 | $21,000,000.00 |
| 04/19/2024 | AKAZOO S.A. | 09/23/2021 | $4,900,000.00 |
| 04/25/2024 | JPM Metal Spoofing DOJ DPA | 09/24/2023 | $311,740,000.00 |
| 05/03/2024 | ORACLE CORPORATION, | 02/03/2023 | $17,500,000.00 |
| 05/03/2024 | SANDRIDGE TRUST OFFERINGS | 08/19/2022 | $13,942,500.00 |
| 05/06/2024 | TWITTER INC | 11/23/2022 | $809,500,000.00 |
| 05/06/2024 | CANNTRUST HOLDINGS INC | 03/16/2022 | $65,352,125.00 |
| 05/13/2024 | TUFIN SOFTWARE TECHNOLOGIES LTD. | 11/03/2023 | $2,000,000.00 |
| 05/15/2024 | VALEANT PHARMACEUTICALS | 02/15/2021 | $94,000,000.00 |
| 05/17/2024 | MAXAR TECHNOLOGIES INC | 09/27/2023 | $36,500,000.00 |
| 05/23/2024 | RA MEDICAL SYSTEMS INC | 07/09/2022 | $10,000,000.00 |
| 05/23/2024 | LUCKIN CONVERTIBLE NOTES | 01/30/2023 | $7,000,000.00 |
| 05/28/2024 | KANZHUN LIMITED | 02/08/2023 | $2,250,000.00 |
| 05/29/2024 | SMANJAK GROUP | 01/08/2021 | |
| 05/31/2024 | Vanda Pharms Inc. | 12/28/2022 | $11,500,000.00 |
| 06/03/2024 | NOVO NORDISK A/S, | 07/27/2022 | $100,000,000.00 |
| 06/04/2024 | SEALED AIR CORP | 12/27/2022 | $12,500,000.00 |
| 06/04/2024 | (SILVER FIXING) In re London Silver Fixing Ltd. | 03/01/2021 | $38,000,000.00 |
| 06/17/2024 | WELLS FARGO & COMPANY, | 08/21/2023 | $300,000,000.00 |
| 06/18/2024 | SUNLANDS TECHNOLOGY GROUP | 08/28/2023 | $6,200,000.00 |
| 06/20/2024 | BENEFITFOCUS INC | 12/27/2022 | $11,000,000.00 |
| 06/20/2024 | UGI CORPORATION | 12/30/2022 | $10,250,000.00 |
| 06/21/2024 | E-Mini Futures Class Action | 08/12/2021 | $15,000,000.00 |
Required Reading
Navigating Securities Class Action Payouts in Delaware’s Court of Chancery
Delaware state court is a pivotal venue for M&A-related shareholder recoveries, with recent high-profile settlements like Dell and Pattern Energy reaching nine figures. FRT examines Delaware’s unique approach to distributing recoveries and what that means for investors.
Delay of PACCAR-Reversal Bill Extends U.K. Litigation Funding Uncertainty
Shortly after the UK Supreme Court’s decision in the PACCAR case, [1] we wrote about its potential impact on pending and future UK securities recovery efforts. [2] Now, roughly two years later, we update you on its actual impact, delayed attempts to legislatively address the decision, and the future timing of any reversal.
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