Three mega-settlements? COOL.

Wait... What's a mega-settlement?

Good question: "mega-settlement" is an informal term used throughout the class action industry and can be in the eye of the beholder, but a common definition is the one that Cornerstone Research uses: "equal to or greater than $100 million."

How does this compare to a typical class action?

According to the same Cornerstone report from which we borrow that definition, Securities Class Action Settlements: 2023 Review and Analysis, the median settlement for 2023 was $15 million and the average was $47 million-- an average, of course, that is buoyed by the rare mega-settlement. According to Cornerstone, mega-settlements accounted for two-thirds of all available settlement dollars in 2023, up from 52% the previous year.

How rare is rare?

There are 105 settlements with claim filing deadlines in 2024 so far, and eight of them have been mega-settlements. That is 7.6%. Preceding years have been similar, albeit with some fluctuation:

**11% of settlements in 2023

**6.7% in 2022

**3.9% in 2021

Historically, there are 1,713 settlements in the CCC database since 2010, and of these 161 cases have been mega-settlements-- which is 9.4%.Those 1,713 cases total $77 billion in recovery, and the 161 Megasettlements make up 67% of that pot at $52 billion.

Below is a just-the-facts (or should we say "just-the allegations"?) summary of the most recent mega-settlements. If you have any questions about these or any of the other cases listed below, please give us a call at 312-204-6970.

First of three mega-settlements: Apple settles securities suit over claims weak iPhone sales dragged down stock price

• Case Name: Apple 2024
• Settlement Fund: $490,000,000
• Claim Filing Deadline: 10/4/2024
• Class Period: 11/02/2018 -- 1/2/2019
• Class definition: All Persons that purchased or otherwise acquired the publicly traded securities of Apple, including purchasers of Apple call options and sellers of Apple put options, during the period from November 2, 2018, through January 2, 2019, inclusive.What this case is about:

Plaintiffs alleged that Apple failed to disclose a number of factors that were hindering iPhone sales, including:

**that the ongoing trade war with China during the class period hurt Apple's pricing power against cheaper Chinese competitors

**that Apple's price discount of replacement batteries hurt sales of new iPhones

**that it had slashed iPhone production orders and cut prices to reduce inventory

**and by withholding this and other sales information on iPhones from investors, the company masked negative information.

First launched in April of 2019, this five-year litigation finally settled on March 14, 2024.

Mega settlement number two: Boeing's 737 Max crisis leads to $201 Million Fair Fund

• Case Name: The Boeing Company Fair Fund
• Settlement Fund: $201,000,000
• Claim Filing Deadline: 10/3/2024
• Class Period: 11/28/2018 -- 10/17/2019
• Class definition: all persons who purchased or acquired The Boeing Company common stock listed on a U.S. exchange and registered with the Commission and traded under the symbol BA during the period between November 28, 2018 and October 17, 2019, inclusive.

What this case is about:

On September 22, 2022, the Securities and Exchange Commission issued a simultaneous cease-and-desist order and settlement announcement with the Boeing Company and its former CEO, Dennis A. Muilenburg. The SEC alleged that Boeing and Muilenburg made a series of false and misleading statements in the wake of two high profile crashes involving its 737 Max planes. The SEC claims that Boeing and Muilenburg "fail[ed] to exercise reasonable care" to provide investors with all the available facts in both press releases and public statements. Boeing was ordered to pay $200 million and Muilenburg to pay $1 million.

A related class action is currently pending in the Northern District of Illinois.

And last mega-settlement: Weatherford Fair Fund compensates investors for accounting irregularities committed over a decade ago

• Case Name: Weatherford International Fair Fund
• Settlement Fund: $152,204,174
• Claim Filing Deadline: 9/26/2024
• Class Period: 2/25/2009 -- 11/12/2012
• Class definition: Persons who purchased or otherwise acquired Weatherford common stock during the period from February 25, 2009, through November 12, 2012, inclusive.

What this case is about:

In September 2016, the Securities and Exchange Commission issued a cease-and-desist order to Weatherford International over allegations it issued false financial statements that inflated its earnings by over $900 million. Weatherford had to restate its financial statements three times-- in March 2011, and again in February and July 2012. The SEC ordered Weatherford to pay a total of $140,364,067 in disgorgement. Later, Weatherford's accountant, E&Y, was ordered to pay an additional disgorgement of $11,840,107. Hence, the quite specific total of $152,204,174.

There were two previous securities class actions pertaining to this same accounting scandal, both of which have distributed. If you (of if CCC) submitted a proof of claim form in the settlement of the related securities class actions and your claim was approved, you are automatically deemed an Eligible Claimant with respect to those transactions that were approved. If you did not file a claim, and if CCC did not file a claim on your behalf, then let us know. We can help ensure you participate in this Fair Fund.