In the final days of summer 2021, Twitter announced it had settled a securities suit first launched in 2016. Typically when parties announce the resolution of a securities class action, the settlement materials are posted to the court docket promptly, often within a month. Shortly after that the judge signs a preliminary approval order, and then within weeks the administrator sends potential claimants the notice packet and posts information to a website-- and claim filing begins.
Not so with this Twitter suit. Though the parties announced settlement on September 20, 2021, the stipulation did not appear on the docket until January, and the judge did not issue his preliminary approval order until August 5. I grew and shaved several beards in this time.
Now, the wait is over. The administrator began sharing the notice and claim form on August 25, and claims are due November 23, 2022. A fund of this size, $809.5 million, is known in the class action trade as a "megasettlement." It has pushed the 2022 pool of funds available to investors over $5 billion.
Case Name: Read More
Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720
Case Name 1: The Kraft Heinz Company
Cornerstone Research has released its yearly securities class action litigation report and found dramatic increases in the number of settlements and in the average settlement pools. (The link to the full report is below.)
Cornerstone focused on federal securities class actions, specifically cases al... Read More
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Registered Investment Advisor
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