The proposed $59,500,000 settlement covers public stockholders of FTAC II Class A common stock as of the redemption deadline, in the Delaware class action over the blank-check company's merger with Paysafe. Each share listed in a Proof of Claim and Release with adequate documentation is paid under the plan of allocation, so claims must be submitted online or postmarked no later than January 7, 2027. The settlement hearing is December 8, 2026, and the court has not yet given final approval.
Benefit Summary
Eligible class members: available benefits include Pro rata loss-based payment.
Payments come from the $59,500,000.00 settlement fund and may change after approved deductions.
Available Awards
Pro rata loss-based payment
Who Is Included
The settlement covers certain FTAC II Class A common stockholders who held shares on March 23, 2021 and were entitled to, but did not, redeem all shares. The notice lists exclusions for defendants, related persons and entities, and certain accounts holding shares for them.
- Proof required: To receive a distribution, submit a timely valid Proof of Claim and Release with adequate documentation for the shares and transactions listed in the claim. The notice specifically describes brokerage statements or an authorized broker statement as documentation for an objector's class membership, but does not fully specify the claim documentation in the notice text.
Claim and Payment Information
- Claim method: Online submission or mail
- Claim deadline: 2027-01-07
- Instructions: Submit a completed Proof of Claim and Release with adequate documentation. Submit it online or mail it so that it is postmarked by the deadline. A valid claim does not guarantee payment because the court must approve the settlement and allocation plan.
Questions & Answers
Who is covered, and can I opt out?
The class generally covers record or beneficial owners who held FTAC II Class A common stock on March 23, 2021, had a right to redeem, and did not redeem all of their shares. Certain defendants, related people, entities, and accounts are excluded. This is a non-opt-out class, so class members cannot remove themselves.
How is a payment calculated?
The calculation applies only to eligible FTAC II Class A shares held at the close of trading on March 23, 2021. Shares sold after that close and before the February 15, 2023 close use the notice’s sale-price formula; shares held continuously through the February 15 close use the $8.04-plus-$0.10 formula. Your payment is pro rata, redeemed shares have no Total Loss, options are ineligible, and distributions below $10 are not paid.
What do I need to do to seek payment?
Submit a timely valid Proof of Claim and Release with adequate documentation for the eligible shares and transactions. File online by January 7, 2027, or mail the form with a postmark no later than that date.
What documents are required?
The notice requires adequate documentation for the shares listed on the claim but does not identify the precise documents in its text. Follow the Proof of Claim instructions. The notice separately says brokerage statements or an authorized broker statement may establish class membership for an objector.
What happens if I do nothing?
You will not receive a payment without a timely valid claim. Because this is a non-opt-out class, you will still be bound by the settlement and releases if it becomes effective.
When would payments be sent?
Payments cannot be made until the Court approves the settlement and allocation plan and the time for rehearing, appeal, or review has ended. The notice does not give a payment date.
How can a Class Member object?
File the objection with the Register in Chancery and serve the listed counsel so it is received by November 20, 2026. Include the case information, contact details, signature, reasons and support, and proof of class membership. A written objection does not require attending the hearing.
When is the settlement hearing?
The hearing is scheduled for December 8, 2026 at 9:15 a.m. in the Delaware Court of Chancery in Wilmington, or remotely if the Court chooses. Class members do not need to attend to make a claim.
Could attorneys’ fees reduce the claim fund?
Yes. Plaintiffs’ Counsel plan to seek fees up to 30% of the $59.5 million settlement plus expenses, and may seek up to $15,000 for each named plaintiff. Court-approved amounts come from the settlement fund.
Other Important Dates
- Objection deadline: 2026-11-20
- Final approval hearing: December 8, 2026, at 9:15 a.m.
- Hearing location: Court of Chancery of the State of Delaware, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, or remotely by telephone or videoconference in the Court's discretion
Case Details
- Total settlement fund: $59,500,000.00
- Case name: Farzad, et al. v. Trasimene Capital FT, LP II, et al.
- Case number: C.A. No. 2023-0193-JTL
- Court: Court of Chancery of the State of Delaware
- Administrator: JND Legal Administration
- Official Settlement Website: https://www.FTACIIStockholderSettlement.com
Sources
Claim form, FAQ, deadlines, administrator information
Court-approved notice describing eligibility and benefits