Published
October 16, 2026
Atlas Crest Investment Corp. Class A stockholders who held shares at the September 10, 2021 redemption deadline and did not redeem them before the Archer Aviation SPAC merger may qualify to claim a pro rata share of a $15 million stockholder class action settlement. Proofs of Claim are due January 4, 2027, and the Delaware Court of Chancery will hold the settlement hearing on December 3, 2026.
Current Status
Claims are open. Proofs of Claim must be submitted online or received by mail no later than January 4, 2027; a mailed claim legibly postmarked by that date is treated as received on time. The settlement has not yet received final approval: the Delaware Court of Chancery has scheduled the settlement hearing for December 3, 2026 at 11:00 a.m. Payments will not go out until the court approves the settlement and the claims are processed.Free settlement alerts
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Status
Claims Open
Claim Deadline
January 4, 2027
Estimated Payout
Pro rata share of $15M
Based on shares held or sold · $10 minimum payout
Proof Required
Yes
Brokerage statements or confirmations for Atlas Crest and Archer shares
What Changed Recently?
The settlement resolves In re Archer Aviation Inc. Stockholder Litigation, a consolidated case in the Delaware Court of Chancery over the 2021 merger between Atlas Crest Investment Corp., a special purpose acquisition company (SPAC), and electric air-taxi developer Archer Aviation. The parties reached the deal after a June 2026 mediation ended in a mediator’s proposal, signed a Stipulation of Settlement on August 10, 2026, and the court entered a Scheduling Order on August 31, 2026 that set the notice and hearing schedule now underway.The settling defendants are five individual defendants — Kenneth Moelis, Michael Spellacy, Emanuel Pearlman, David Fox and Eileen Murray — who together will pay $15,000,000 in cash. They have denied and continue to deny any wrongdoing or liability, and the settlement is not an admission that any claim has merit.
What Did the Lawsuit Claim?
Atlas Crest went public in October 2020, selling $10.00 units to raise $500 million. Like other SPACs, it gave its public stockholders a choice before any merger: redeem each share for its $10.00 cash value, or stay invested in the combined company. Atlas Crest agreed to merge with Archer Aviation in February 2021, filed its definitive proxy statement in August 2021, and set the redemption deadline for September 10, 2021. Holders of 24,239,307 shares, about 48.5% of the public shares, chose to redeem. The merger closed on September 16, 2021, and Atlas Crest was renamed Archer Aviation Inc.Stockholders who did not redeem sued in 2024. They allege that the Atlas Crest fiduciaries impaired the redemption decision by giving stockholders materially misleading information before the deadline, and they asserted claims for breach of fiduciary duty and unjust enrichment. In July 2025 the court granted the defense motions to dismiss in part, dismissing the claims against several defendants, including Archer itself. The claims against the five settling defendants continued until this settlement. None of the allegations has been proven.
Who Qualifies?
The class covers anyone who held Atlas Crest Class A common stock as of the September 10, 2021 redemption deadline, either directly or through a broker, and who was entitled to redeem but did not redeem all of those shares. Only the shares that were not redeemed count. Heirs, successors and others who received the shares by operation of law are included. The defendants, their immediate families, entities they control and their legal representatives are excluded.This is a non-opt-out class under the Court of Chancery’s rules, so no one can exclude themselves. Every class member is bound by the settlement if it is approved, whether or not they file a claim.
How Much Can You Get?
After attorneys’ fees and expenses (class counsel will request up to 20% of the fund, plus expenses) and administration costs, the net fund is divided pro rata by each claimant’s “Total Loss.” The plan of allocation calculates Total Loss share by share for every eligible share:- Still held at the close of trading on May 16, 2024: $6.19 a share (the $10.00 redemption price minus Archer’s $3.81 closing price that day), plus a $0.10 nominal amount, for $6.29.
- Sold after September 10, 2021 and before the May 16, 2024 close for less than $10.00: $10.00 minus the sale price, plus $0.10.
- Sold for $10.00 or more: the $0.10 nominal amount only.
The court papers do not estimate a per-share payment, and the actual amount depends on how many eligible shares are claimed. If a claimant’s calculated share comes to less than $10.00, no payment is made. Uncashed checks may be redistributed to claimants while at least $50,000 remains, with any final remainder going to the Delaware Combined Campaign for Justice. No money goes back to the defendants.
What Proof or Notice ID Is Required?
Proof is required. The Proof of Claim asks for every Atlas Crest Class A share held at the close of the market on September 10, 2021, every purchase or sale of Atlas Crest or Archer Aviation stock from then through May 16, 2024, and any Archer shares still held at the close on May 16, 2024. Brokerage confirmation slips, account statements or equivalent documents showing those holdings and trades should be attached. The claim form tells claimants who no longer have them to get copies from their broker. Institutional filers and nominees use a separate institutional portal.What Is the Deadline?
Proofs of Claim must be submitted online or received by mail no later than January 4, 2027. A mailed claim that is legibly postmarked by January 4, 2027 is treated as received on time. Written objections must be received by November 17, 2026, and a notice of intent to appear at the hearing by November 18, 2026. Because the class cannot opt out, there is no exclusion deadline.How Do You Take Action?
Claims are filed through the official Atlas Crest Stockholder Litigation claim page, which has an individual claim portal, an institutional portal and a printable Proof of Claim. A claim lists the share positions and trades described above and uploads the supporting brokerage records. The full notice, the Stipulation of Settlement and the court’s Scheduling Order are posted on the settlement website’s documents page.What Happens Next?
Vice Chancellor Lori W. Will is scheduled to hold the settlement hearing on December 3, 2026 at 11:00 a.m. in the Leonard L. Williams Justice Center in Wilmington, Delaware. The court may move the hearing to telephone or videoconference, or change the date, without further mailed notice, so the settlement website is the place to check. At the hearing the court will decide whether to approve the settlement, the plan of allocation and the fee request. Payments follow only after approval and after the administrator, JND Legal Administration, finishes processing claims; no payment date has been announced.Sources and Verification
- Official Atlas Crest Stockholder Litigation settlement website
- Notice of Pendency of Class Action, Proposed Settlement, and Settlement Hearing, Delaware Court of Chancery
- Proof of Claim and Release form
- In re Archer Aviation Inc. Stockholder Litigation, Consol. C.A. No. 2024-0527-LWW (Del. Ch.): Stipulation of Settlement (August 10, 2026) and Scheduling Order (August 31, 2026)
Questions
Who is in the Atlas Crest stockholder settlement class?
Record and beneficial holders of Atlas Crest Investment Corp. Class A common stock as of the September 10, 2021 redemption deadline who were entitled to redeem but did not redeem all of their shares before the merger with Archer Aviation. Shares that were redeemed do not count. The defendants, their families and affiliates are excluded.
Does it matter whether Archer Aviation shares were later sold?
Yes. Under the plan of allocation, a share held through the close of trading on May 16, 2024 carries a loss of $6.19 plus a $0.10 nominal amount. A share sold between September 10, 2021 and May 16, 2024 for less than $10.00 carries $10.00 minus the sale price, plus $0.10. A share sold for $10.00 or more carries only the $0.10 nominal amount. The fund is then split pro rata by those losses.
Can Atlas Crest stockholders opt out of this settlement?
No. The Court of Chancery certified a non-opt-out class, so there is no exclusion deadline. Class members who object must do so in writing by November 17, 2026, and all class members are bound by the settlement if it is approved, whether or not they file a claim.
Is there a minimum payment in the Atlas Crest settlement?
There is a minimum payout threshold. If a claimant’s calculated share comes to less than $10.00, no payment is made to that claimant, although the claimant is still bound by the settlement.
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Settlement Amount
$15,000,000
Case Title
In re Archer Aviation Inc. Stockholder Litigation
Case Number
Consol. C.A. No. 2024-0527-LWW
Court
Court of Chancery of the State of Delaware
Settlement Hearing
December 3, 2026 at 11:00 AM
Vice Chancellor Lori W. Will · may be held remotely
Administrator
JND Legal Administration
Official Website
Atlas Crest Stockholder Litigation
