Securities Fraud Class Action Lawsuits: Settlements & Disbursements (Q1:24)
The shareholder litigation landscape remained as busy as ever in the first quarter of 2024, as our team tracked nearly $675 million in securities class action settlements reached from January through March.
Meanwhile, case disbursements for the quarter came in at $792 million – representing a 39% increase over Q4:23.
First quarter highlights from FRT include:
- Identifying 35 new class action settlements both in the U.S. and abroad
- Filing more than 107,000 claims on behalf of clients
- Remitting $114 million in settlement funds to defrauded investors
Read on for a high-level roundup of key settlements and disbursements from the quarter. (Note: all data is based on settlement fund value.)
Largest Case Settlements (Q1:24)
- Becton Dickinson ($85m)
- BP ($60.9m)
- Novavax ($47m)
- Ryder ($45m)
- Reata Pharmaceuticals ($45m)
Most Active Claims Administrators by Settlements (Q1:24)
- JND Legal Administration (4 cases, $197m)
- A.B. Data (8 cases, $163.5m)
- Epiq Systems (6 cases, $93.5m)
- Strategic Claims Services (6 cases, $64.1m)
- RCB Fund Services (1 case, $60.9m)
Largest Case Disbursements (Q1:24)
- Commodity Exchange – Gold Fixing ($152m)*
- Allergan ($130m)
- Endo International ($63.4m)
- Resideo Technologies ($55m)
- Advance Auto Parts (49.25m)
*Total of two separate settlements
Most Active Claims Administrators by Disbursements (Q1:24)
- A.B. Data (6 cases, $186m)
- Kurtzman Carson (3 cases, $123m)
- Angeion Group (2 cases, $77.35m)
- Gilardi & Co. (3 cases, $75m)
- Strategic Claims Services (8 cases, $71.5m)
Tracked Case Disbursements (Q1:24)
| Disbursement Date | Case Name | Claim Deadline | Settlement Fund |
|---|---|---|---|
| 01/02/2024 | OMEGA HEALTHCARE INVESTORS, INC., | 03/24/2023 | $30,750,000.00 |
| 01/09/2024 | SUNDIAL GROWERS INC | 10/05/2022 | $7,000,000.00 |
| 01/11/2024 | UNITED DEVELOPMENT FUNDING III LP Fair Fund | $8,300,000.00 | |
| 01/12/2024 | PORTOLA PHARMACEUTICALS INC | 02/13/2023 | $17,500,000.00 |
| 01/12/2024 | Southwestern Energy Co. Securities Litigation | 10/12/2021 | $7,000,000.00 |
| 01/16/2024 | SESEN BIO, INC. | 02/28/2023 | $21,000,000.00 |
| 01/18/2024 | BRASKEM S.A. | 04/19/2023 | $3,000,000.00 |
| 01/22/2024 | MESA AIR GROUP INC | 03/07/2023 | $5,000,000.00 |
| 01/24/2024 | Hastie Group Ltd (Omni Bridgeway & PFM) | ||
| 01/25/2024 | ALNYLAM PHARMACEUTICALS INC | 03/17/2022 | $7,000,000.00 |
| 01/26/2024 | FRONTIER COMMUNICATIONS CORPORATION, | 06/15/2022 | $15,500,000.00 |
| 02/06/2024 | JIAYIN GROUP INC. | 12/09/2022 | $2,000,000.00 |
| 02/07/2024 | NN INC. | 12/15/2022 | $9,500,000.00 |
| 02/08/2024 | ACUITY BRANDS INC | 05/18/2022 | $15,750,000.00 |
| 02/12/2024 | SUPER MICRO COMPUTER, INC., | 02/27/2023 | $18,250,000.00 |
| 02/13/2024 | CBS CORP | 09/19/2022 | $14,750,000.00 |
| 02/20/2024 | GRUBHUB INC | 02/02/2023 | $42,000,000.00 |
| 02/22/2024 | DAKOTA PLAINS HOLDINGS, INC., | 10/25/2022 | $13,950,000.00 |
| 02/23/2024 | UNITI GROUP INC | 12/01/2022 | $38,875,000.00 |
| 02/26/2024 | FAT BRANDS INC | 01/28/2023 | $3,000,000.00 |
| 02/27/2024 | FIAT CHRYSLER AUTOMOBILES NV | 02/13/2022 | $5,000,000.00 |
| 03/01/2024 | TAL EDUCATION GROUP | 11/30/2021 | $7,500,000.00 |
| 03/08/2024 | CANADIAN SOLAR, INC., | 05/31/2021 | $13,000,000.00 |
| 03/15/2024 | ENDO INTERNATIONAL PLC | 02/14/2022 | $63,400,000.00 |
| 03/18/2024 | BAYERISCHE MOTOREN WERKE AG | 08/25/2022 | $1,750,000.00 |
| 03/19/2024 | ALLERGAN PLC, | 12/27/2021 | $130,000,000.00 |
| 03/21/2024 | RESIDEO TECHNOLOGIES INC | 03/04/2022 | $55,000,000.00 |
| 03/22/2024 | ADVANCE AUTO PARTS, INC., | 06/09/2022 | $49,250,000.00 |
| 03/22/2024 | WORKHORSE GROUP INC | 07/03/2023 | $35,000,000.00 |
| 03/29/2024 | (GOLD Fixing) In re Commodity Exchange, | 08/23/2021 | $102,000,000.00 |
| 03/29/2024 | (GOLD Fixing) In re Commodity Exchange, | 04/19/2022 | $50,000,000.00 |
| 04/03/2024 | CBL & ASSOC PROP | 08/14/2023 | $17,500,000.00 |
Required Reading
The Global Investment Recovery Landscape: 5 Key Takeaways
Each year, FRT hosts an in-depth webinar covering historical and emerging trends in shareholder recovery efforts. You can access that recording here – or read our executive summary if you’re busy.
‘But-For’ Modeling in the Stock Lending Class Action Settlements
Mike Lange, FRT’s SVP Worldwide Litigation, takes a closer look at the evolving antitrust class action lawsuit centered around the stock lending market. While this case could apply to a wide range of institutions, claims processing could be especially challenging for reasons Lange explains in his recent update.
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