FG New America Acquisition Corp. Class A Stockholders Settle Class Action with Proposed Compensation
On July 22, 2026, the JND Legal Administration announced a significant development for stockholders of FG New America Acquisition Corp. The announcement concerned a proposed settlement related to a class action lawsuit involving all record and beneficial holders of FG New America Acquisition Corp. Class A common stock as of July 14, 2021. This legal action, pending in the Delaware Court of Chancery under the case number 2023-0737-PAF, involves allegations against individuals such as Joseph Moglia and others associated with FG New America.
The core of this case centers around the rights of shareholders who opted not to redeem their shares before a stipulated deadline. Class members consist of those who held FGNA Class A stock on the Redemption Deadline but excludes the defendants, their immediate families, and any affiliated entities. The court has authorized this notice to inform stakeholders about the case and the proposed settlement amounting to $13 million in cash.
Highlighted in this announcement is the importance of an upcoming Settlement Hearing scheduled for September 10, 2026. This hearing will be presided over by Vice Chancellor Paul A. Fioravanti at the Delaware Justice Center. The proceedings will address critical aspects such as the certification of the class for settlement purposes, the adequacy of legal representation for class members, the fairness and reasonableness of the proposed settlement, and various other procedural matters.
Class members are encouraged to review the details of the settlement and their rights, and are informed that they may benefit from the settlement if approved by the court. Stakeholders are urged to submit a proof of claim by October 12, 2026, to establish that they are entitled to a share of the Net Settlement Fund. Clear instructions for obtaining more information, including contact details for the Settlement Administrator and Plaintiff's Counsel, are provided online at www.FGNAStockholderSettlement.com.
Should the court approve the settlement and the effective date comes to pass, class members will see the distribution of the Net Settlement Fund following a pro rata basis as defined in the proposed Plan of Allocation. The claim process is explicitly indicated as a non-opt-out class, meaning that members are bound by any judgment from this action under Delaware Court of Chancery Rules.
Furthermore, any objections or concerns about the settlement, allocation plan, or any awards for legal counsel must be filed before the deadline stated in the notice. Participants are strongly advised to contact the Settlement Administrator or the involved legal counsel if they have questions regarding eligibility or procedural matters. This represented landmark action is anticipated to have significant implications for shareholder rights and corporate accountability within acquisition firms. For more detailed inquiries, relevant stakeholder information can be found through the designated resources.
The core of this case centers around the rights of shareholders who opted not to redeem their shares before a stipulated deadline. Class members consist of those who held FGNA Class A stock on the Redemption Deadline but excludes the defendants, their immediate families, and any affiliated entities. The court has authorized this notice to inform stakeholders about the case and the proposed settlement amounting to $13 million in cash.
Highlighted in this announcement is the importance of an upcoming Settlement Hearing scheduled for September 10, 2026. This hearing will be presided over by Vice Chancellor Paul A. Fioravanti at the Delaware Justice Center. The proceedings will address critical aspects such as the certification of the class for settlement purposes, the adequacy of legal representation for class members, the fairness and reasonableness of the proposed settlement, and various other procedural matters.
Class members are encouraged to review the details of the settlement and their rights, and are informed that they may benefit from the settlement if approved by the court. Stakeholders are urged to submit a proof of claim by October 12, 2026, to establish that they are entitled to a share of the Net Settlement Fund. Clear instructions for obtaining more information, including contact details for the Settlement Administrator and Plaintiff's Counsel, are provided online at www.FGNAStockholderSettlement.com.
Should the court approve the settlement and the effective date comes to pass, class members will see the distribution of the Net Settlement Fund following a pro rata basis as defined in the proposed Plan of Allocation. The claim process is explicitly indicated as a non-opt-out class, meaning that members are bound by any judgment from this action under Delaware Court of Chancery Rules.
Furthermore, any objections or concerns about the settlement, allocation plan, or any awards for legal counsel must be filed before the deadline stated in the notice. Participants are strongly advised to contact the Settlement Administrator or the involved legal counsel if they have questions regarding eligibility or procedural matters. This represented landmark action is anticipated to have significant implications for shareholder rights and corporate accountability within acquisition firms. For more detailed inquiries, relevant stakeholder information can be found through the designated resources.
Topics Financial Services & Investing）
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