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)

  1. Stock Lending: IPERS v. Merrill Lynch ($580m)
  2. Apple ($490m)
  3. Alphabet ($350m)
  4. Perrigo ($97m)
  5. Apache Corporation ($65m)

Most Active Claims Administrators by Settlements (Q2:24)

  1. Gilardi & Co (7 cases, $980.5m)
  2. Epiq Systems (5 cases, $638.9m)
  3. JND Legal Administration (4 cases, $171.85m)
  4. A.B. Data (3 cases, $103.45m)
  5. Strategic Claims Services (8 cases, $74.95m)

Largest Case Disbursements (Q2:24)

  1. Twitter ($809.5m)
  2. JPMorgan Metal Spoofing – DOJ action ($311.74m)
  3. Wells Fargo ($300m)
  4. Novo Nordisk ($100m)
  5. Valeant Pharmaceuticals ($94m)

Most Active Claims Administrators by Disbursements (Q2:24)

  1. Epiq Systems (8 cases, $1.01b)
  2. Gilardi & Co (3 cases, $319.5m)
  3. A.B. Data (7 cases, $134m)
  4. JND Legal Administration (1 case, $100m)
  5. Strategic Claims Services (6 cases, $33.9m)

Tracked Case Disbursements (Q1:24)

Disbursement DateCase NameClaim DeadlineSettlement Fund
04/03/2024CBL & ASSOC PROP08/14/2023$17,500,000.00
04/05/2024US STEEL GROUP03/01/2023$40,000,000.00
04/16/2024PORTLAND GENERAL ELECTRIC COMPANY12/21/2021$6,750,000.00
04/17/2024PEABODY ENERGY CORP.02/02/2023$4,625,000.00
04/19/2024SPRINT CORP07/25/2023$3,750,000.00
04/19/2024MOLINA HEALTHCARE, INC.,10/17/2020$7,500,000.00
04/19/2024JA SOLAR HOLDINGS CO LTD07/08/2023$21,000,000.00
04/19/2024AKAZOO S.A.09/23/2021$4,900,000.00
04/25/2024JPM Metal Spoofing DOJ DPA09/24/2023$311,740,000.00
05/03/2024ORACLE CORPORATION,02/03/2023$17,500,000.00
05/03/2024SANDRIDGE TRUST OFFERINGS08/19/2022$13,942,500.00
05/06/2024TWITTER INC11/23/2022$809,500,000.00
05/06/2024CANNTRUST HOLDINGS INC03/16/2022$65,352,125.00
05/13/2024TUFIN SOFTWARE TECHNOLOGIES LTD.11/03/2023$2,000,000.00
05/15/2024VALEANT PHARMACEUTICALS02/15/2021$94,000,000.00
05/17/2024MAXAR TECHNOLOGIES INC09/27/2023$36,500,000.00
05/23/2024RA MEDICAL SYSTEMS INC07/09/2022$10,000,000.00
05/23/2024LUCKIN CONVERTIBLE NOTES01/30/2023$7,000,000.00
05/28/2024KANZHUN LIMITED02/08/2023$2,250,000.00
05/29/2024SMANJAK GROUP01/08/2021
05/31/2024Vanda Pharms Inc.12/28/2022$11,500,000.00
06/03/2024NOVO NORDISK A/S,07/27/2022$100,000,000.00
06/04/2024SEALED AIR CORP12/27/2022$12,500,000.00
06/04/2024(SILVER FIXING) In re London Silver Fixing Ltd.03/01/2021$38,000,000.00
06/17/2024WELLS FARGO & COMPANY,08/21/2023$300,000,000.00
06/18/2024SUNLANDS TECHNOLOGY GROUP08/28/2023$6,200,000.00
06/20/2024BENEFITFOCUS INC12/27/2022$11,000,000.00
06/20/2024UGI CORPORATION12/30/2022$10,250,000.00
06/21/2024E-Mini Futures Class Action08/12/2021$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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