The proposed $65,000,000 settlement covers people who bought Snap publicly traded securities or call options, or sold Snap put options, between February 5, 2021 and October 21, 2021. Class members may file a proof of claim to share the fund. The notice states no claim deadline, and the court has not yet approved it.
Benefit Summary
Eligible class members may receive Share of Net Settlement Fund.
Payments come from the $65,000,000 settlement fund and may change after approved deductions.
Available Awards
Share of Net Settlement Fund
Who Is Included
The Settlement Class includes people who purchased or otherwise acquired Snap Inc. publicly traded securities or call options, or sold Snap put options, between February 5, 2021 and October 21, 2021, inclusive. The notice says certain people are excluded under the Stipulation of Settlement but does not identify those exclusions.
- Products included: Snap Inc. publicly traded securities, call options, and put options sold by class members
- Purchase window: February 5, 2021 through October 21, 2021, inclusive
- Proof required: A valid Proof of Claim and Release is required to share in the Net Settlement Fund. The summary notice does not state what transaction records or other supporting documents, if any, must accompany the form.
Claim and Payment Information
- Claim method: Online or by mail
- Instructions: To seek a distribution, submit a valid Proof of Claim and Release online or by mail. A class member who does not submit a valid form cannot share in the Net Settlement Fund, but remains bound by any judgment in the action unless they properly exclude themselves.
Questions & Answers
Who may be included in the Settlement Class?
Who is covered by the settlement?
- The summary notice covers people who purchased or otherwise acquired publicly traded Snap securities or call options, or who sold Snap put options, during the stated period.
- The period runs from February 5, 2021 through October 21, 2021, including both dates.
- The notice says some people are excluded, but it does not identify them. The Stipulation of Settlement contains those exclusions.
What payment does the settlement provide?
How much could I receive?
- The proposed settlement is $65 million in cash.
- Class members who submit a valid claim may seek a share of the Net Settlement Fund, not a fixed individual amount.
- The summary notice does not explain how individual payments will be calculated. It also says lawyers will seek fees and expenses from the Settlement Fund.
How do I seek a payment, and is there a deadline?
Do I need to file a claim?
- Submit a valid Proof of Claim and Release to be eligible for a distribution.
- The form may be submitted online or by mail.
- The claim deadline is blank in this summary notice. The notice also does not state what records or other supporting documents must be submitted for a claim to be valid.
What happens if I do not submit a valid claim?
What if I do not file a claim?
- Without a valid Proof of Claim and Release, a class member cannot receive a share of the Net Settlement Fund.
- Unless the person properly excludes themselves, they will still be bound by the court’s judgment, including its releases.
What does it mean to exclude myself, and what happens if I do?
Can I exclude myself from the settlement?
- Leaving the settlement is called excluding yourself. The summary notice requires a written exclusion request received by the stated deadline and says the detailed requirements are in the long-form Notice.
- The exclusion deadline is blank in this summary notice.
- A person who properly excludes themselves will not receive settlement proceeds and will not be bound by the judgment or court orders in this case.
How can I object, and when will the court consider the settlement?
Can I object, and when is the court hearing?
- An objection must be filed with the court following the instructions in the long-form Notice.
- The objection deadline is blank in this summary notice.
- The settlement hearing date and time are also blank. The court may reschedule the hearing without further written notice, and updates are to be posted on the Settlement Website.
Other Important Dates
- Hearing location: United States District Court, Central District of California, First Street U.S. Courthouse, Courtroom 9D – 9th Floor, 350 W 1st Street, Suite 4311, Los Angeles, CA 90012-4565
Case Details
- Total settlement fund: $65,000,000
- Case name: Kellie Black v. Snap Inc., Evan Spiegel, and Jeremi Gorman
- Case number: 2:21-cv-08892-GW (RAO)
- Court: United States District Court, Central District of California, Western Division
- Administrator: A.B. Data, Ltd.
- Official Settlement Website: https://www.SnapSecuritiesSettlement.com
Sources
Claim form, FAQ, deadlines, administrator information
Court-approved notice describing eligibility and benefits