Securities Class Action Lawsuits: Settlements & Disbursements (Q3, 2024)
New securities class action settlements and payouts remained steady through the third quarter of 2024, highlighted by a pair of major antitrust disbursements and two large SEC Fair Funds.
FRT tracked a total of 34 class actions settling for a combined $1.4 billion in Q3, putting settlement activity in line with historical norms. In addition, 43 settlements paid to investors during the quarter, which was significantly higher than what we observed in Q1 (30 disbursements) or Q2 (29 disbursements). Investors have seen more than $4 billion disbursed from securities class actions year to date, making 2024 an above average year in terms of payout activity.
Largest Case Settlements (Q3:24)
- Under Armour ($434m)
- Boeing – SEC Fair Fund ($201m)
- Uber ($200m)
- Weatherford – SEC Fair Fund ($152m)
- Qualcomm ($75m)
The $434 million class action against Under Armour is the year’s third-largest settlement so far. The claim deadline for that case is Nov. 12, 2024, with a large class period spanning late 2015 through early 2020. In addition, the year’s two largest SEC Fair Funds to date (Boeing and Weatherford) were both established in July.
Most Active Claims Administrators by Settlement Funds (Q3:24)
- Gilardi & Co (5 cases, $492.3m)
- Epiq Systems (3 cases, $413.2m)
- A.B. Data (6 cases, $349.8m)
- Strategic Claims Services (10 cases, $75m)
- JND Legal Administration (4 cases, $61.9m)
Largest Case Disbursements (Q3:24)
- Euribor ($651.5m)*
- Allianz Mutual Funds ($145m)
- AMP ($110m)
- Canadian Imperial Bank of Commerce ($97.9m)
- LIBOR Bondholders ($70.3m)*
With $651 million paying out across four related antitrust settlements, the Euribor case marks the second biggest disbursement of 2024. We also saw a pair of LIBOR Bondholders settlements disburse for more than $70 million.
These payouts make a dent in more than $7 billion of settled antitrust cases waiting to disburse, according to FRT data.
*Total comprises multiple related settlements
Most Active Claims Administrators by Total Disbursements (Q3:24)
- A.B. Data (12 cases, $984.7m)
- Epiq Systems (8 cases, $202.4m)
- JND Legal Administration (3 cases, $87m)
- Gilardi & Co (5 cases, $73.6m)
- Strategic Claims Services (6 cases, $19.6m)
Tracked Case Disbursements (Q3:24)
Securities class action settlements paid out from July 1, 2024 through Sept. 30, 2024.
| Disbursement Date | Case Name | Claim Deadline | Settlement Fund |
|---|---|---|---|
| 07/02/2024 | EMBARK TECHNOLOGY INC. | 12/22/2023 | $2,500,000.00 |
| 07/02/2024 | NOVA LIFESTYLE INC | 10/07/2023 | $750,000.00 |
| 07/03/2024 | BIOMARIN PHARMACEUTICAL INC | 10/30/2023 | $39,000,000.00 |
| 07/08/2024 | GERON CORP | 02/16/2023 | $24,000,000.00 |
| 07/08/2024 | NUTRACEUTICAL INTERNATIONAL CORP | $17,500,000.00 | |
| 07/16/2024 | ALLIANZ MUTUAL FUNDS | 05/08/2023 | $145,000,000.00 |
| 07/25/2024 | AMP Ltd. (Maurice Blackburn/Slater & Gordon) | 11/03/2023 | $110,000,000.00 |
| 07/25/2024 | SOLARWINDS CORP | 07/07/2023 | $26,000,000.00 |
| 07/29/2024 | BIT DIGITAL INC | 03/21/2023 | $2,100,000.00 |
| 07/30/2024 | Sims Metal (William Roberts) | 05/16/2022 | $29,500,000.00 |
| 07/30/2024 | AMNEAL PHARMACEUTICALS INC | 09/26/2022 | $25,000,000.00 |
| 07/31/2024 | CANADIAN IMPERIAL BANK OF COMMERCE | 09/16/2022 | $97,945,000.00 |
| 07/31/2024 | FUNKO INC | 10/17/2022 | $7,000,000.00 |
| 08/01/2024 | IMMUNOMEDICS INC | 06/08/2023 | $40,000,000.00 |
| 08/01/2024 | LIVENT CORPORATION | 05/08/2021 | $7,400,000.00 |
| 08/02/2024 | SYNCHRONY FINANCIAL | 09/07/2023 | $34,000,000.00 |
| 08/05/2024 | Clover Health | 10/09/2023 | $22,000,000.00 |
| 08/05/2024 | DOUYU INTERNATIONAL HOLDINGS LTD | 12/28/2022 | $15,000,000.00 |
| 08/05/2024 | RMG NETWORKS HOLDING CORP | 06/30/2020 | $1,500,000.00 |
| 08/07/2024 | GOGO INC., | 09/29/2022 | $17,300,000.00 |
| 08/08/2024 | GW PHARMACEUTICALS PLC | 01/08/2024 | $7,750,000.00 |
| 08/13/2024 | SHATTUCK LABS INC | 09/30/2023 | $1,400,000.00 |
| 08/19/2024 | CREDIT SUISSE GROUP AG | 04/06/2023 | $32,500,000.00 |
| 08/22/2024 | Ardent Leisure Group (Piper Alderman) | 03/17/2023 | $26,000,000.00 |
| 08/23/2024 | SPLUNK INC | 02/15/2024 | $30,000,000.00 |
| 08/26/2024 | U.S. XPRESS ENTERPRISES INC | 08/16/2023 | $13,000,000.00 |
| 08/28/2024 | FXCM Inc. | 06/07/2023 | $6,500,000.00 |
| 08/29/2024 | TEXTRON INC | 01/20/2023 | $7,900,000.00 |
| 08/29/2024 | NORTHERN DYNASTY MINERALS LTD | 12/14/2023 | $6,375,000.00 |
| 08/30/2024 | LIFESTANCE HEALTH GROUP | 01/17/2024 | $50,000,000.00 |
| 08/30/2024 | COMMUNITY HEALTH SYSTEMS INC | 10/26/2023 | $9,500,000.00 |
| 09/03/2024 | (EURIBOR) Sullivan v. Barclays PLC et al. | 08/01/2018 | $309,000,000.00 |
| 09/03/2024 | (EURIBOR) Sullivan v. Barclays PLC et al. | 07/31/2019 | $182,500,000.00 |
| 09/03/2024 | (EURIBOR) Sullivan v. Barclays PLC et al. | 11/30/2023 | $105,000,000.00 |
| 09/03/2024 | (EURIBOR) Sullivan v. Barclays PLC et al. | 12/15/2022 | $55,000,000.00 |
| 09/06/2024 | LIBOR Bondholders | 12/28/2020 | $68,625,000.00 |
| 09/06/2024 | ATLAS FINANCIAL HOLDINGS, INC | 10/10/2023 | $5,000,000.00 |
| 09/06/2024 | LIBOR Bondholders | 02/27/2023 | $1,749,000.00 |
| 09/10/2024 | Airbus SE | 09/13/2022 | $5,000,000.00 |
| 09/16/2024 | CHEMBIO DIAGNOSTICS INC | 06/23/2023 | $8,100,000.00 |
| 09/20/2024 | ORPHAZYME A/S | 01/17/2024 | $2,500,000.00 |
| 09/20/2024 | BERRY CORPORATION | 03/15/2024 | $2,500,000.00 |
| 09/26/2024 | VAXART INC | 01/31/2023 | $12,015,000.00 |
Required Reading
> SEC Fair Funds: Strategies for Solving 3 Key Recovery Challenges
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> Key Takeaways from FRT’s 2024 Mid-Year Shareholder Litigation Outlook
Halfway through 2024, which shareholder recovery trends and court decisions should be on institutional investors’ radars? FRT’s legal team answers that question and many more, with insights into the latest industry trends and intel from our ongoing conversations with clients.
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