Investors who held Foley Trasimene Acquisition Corp. II (FTAC II) Class A stock on March 23, 2021 and did not redeem it before the Paysafe merger may qualify to claim a pro rata share of the $59.5 million FTAC II stockholder class action settlement. Claims are due January 7, 2027, and the settlement hearing is December 8, 2026.
Current Status
Claims are open. Class members must submit a Proof of Claim and Release online or by mail, postmarked, no later than January 7, 2027 to be paid. The Delaware Court of Chancery has scheduled a hearing for December 8, 2026 at 9:15 a.m. to decide whether to approve the settlement, and written objections must be received by November 20, 2026. The settlement has not received final approval, and no payments have been made.Free settlement alerts
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What Changed Recently?
The parties signed a $59.5 million settlement on August 28, 2026 in Farzad v. Trasimene Capital FT, LP II, C.A. No. 2023-0193-JTL, a stockholder class action in the Delaware Court of Chancery before Vice Chancellor J. Travis Laster. On September 2, 2026, the court entered a scheduling order directing notice to the class and setting the settlement hearing. The settlement website is now taking claims.Foley Trasimene Acquisition Corp. II was a special purpose acquisition company, or SPAC, that raised about $1.47 billion in an August 2020 public offering at $10 a unit. Before its March 2021 merger with Paysafe, each public stockholder could redeem shares for about $10 apiece from the trust account. According to the notice, holders redeemed only 98,846 of more than 183 million Class A shares. After the merger closed on March 30, 2021, the combined company began trading on the New York Stock Exchange as PSFE.
The plaintiffs allege that FTAC II’s sponsor, founder, directors and officers breached their fiduciary duties by impairing stockholders’ ability to make an informed redemption decision: that they put their own interests ahead of public stockholders, ignored red flags about Paysafe, relied on inflated projections and issued a misleading proxy. The defendants are Trasimene Capital FT, LP II, Trasimene Capital Management, LLC, William P. Foley, II, Richard N. Massey, Erika Meinhardt, Mark D. Linehan and C. Malcolm Holland. They deny all wrongdoing and say they acted in good faith; they agreed to settle to end the litigation. The court had denied a motion to dismiss in January 2024 and certified the class in February 2026, and the parties were preparing for trial when they accepted a mediator’s proposal in June 2026.
Who Qualifies?
The class is everyone who held FTAC II Class A common stock as of the redemption deadline, March 23, 2021, either of record or through a broker, and who was entitled to redeem but did not redeem all of their shares. Heirs and successors who obtained shares by operation of law are included. The defendants, their immediate families, entities they control, and trusts or accounts holding FTAC II stock for their benefit are excluded.Only FTAC II Class A common stock counts. Shares that were redeemed in the merger, options and warrants are not eligible. Buying Paysafe (PSFE) stock after the merger does not, by itself, make someone a class member.
How Much Can You Get?
After attorneys’ fees, expenses, notice and administration costs and taxes are paid, the net fund is divided among approved claimants in proportion to each claimant’s “Total Loss” under the proposed plan of allocation. For each FTAC II Class A share held at the close of trading on March 23, 2021:- Held through February 15, 2023: $8.04 a share (the $10 redemption price minus $1.96, Paysafe’s closing price that day), plus a $0.10 nominal amount.
- Sold before the close on February 15, 2023 for less than $10: $10 minus the sale price, plus $0.10.
- Sold before then for $10 or more: $0.10 nominal amount only.
These figures are used only to weigh claims against one another; they are not the payment amount. Each claimant’s check is a pro rata share of the net fund based on the combined Total Loss of all approved claims, so the actual payment per share depends on how many shares are claimed. Claimants whose share comes to less than $10 receive nothing. Plaintiffs’ counsel will ask for attorneys’ fees of up to 30% of the $59.5 million plus expenses, and the two plaintiffs may receive up to $15,000 each, paid out of the fee award. No per-share estimate has been published.
What Proof or Notice ID Is Required?
The Proof of Claim and Release asks for the FTAC II Class A shares held as of March 23, 2021 and any later sales, with adequate documentation, such as brokerage statements or confirmations showing those holdings and transactions. The settlement website has an individual claim portal for single accounts and a separate portal for institutions and claim filers submitting many accounts. A paper claim form can be downloaded from the site and mailed.What Is the Deadline?
- November 20, 2026: written objections and notices of intention to appear must be received.
- December 8, 2026, 9:15 a.m.: settlement hearing before Vice Chancellor Laster, which the court may hold in person or remotely.
- January 7, 2027: claims must be submitted online or postmarked.
This is a non-opt-out class under the Court of Chancery’s rules, so there is no opt-out deadline: class members cannot exclude themselves and will be bound by the settlement if it is approved, whether or not they file a claim.
How Do You Take Action?
Claims are filed through the official FTAC II stockholder settlement claim page, run by the court-appointed administrator, JND Legal Administration. The settlement website also posts the notice, the settlement stipulation and the scheduling order. Shares held through a broker are documented with that broker’s statements; brokers and other nominees that held shares for others are directed by the notice to forward it or provide holder information to the administrator.What Happens Next?
Vice Chancellor Laster will decide at the December 8, 2026 hearing whether to approve the settlement, the plan of allocation and the fee request. Under the notice, the net fund is distributed only after the court approves the settlement and a plan of allocation, all claims are processed, and the time for any appeal has run out. Uncashed or undeliverable amounts are redistributed to claimants when $50,000 or more remains; a smaller remainder goes to the Delaware Combined Campaign for Justice. None of the money returns to the defendants.Sources and Verification
- Official FTAC II Stockholder Settlement website, including the key dates and claim pages
- Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (Delaware Court of Chancery)
- Farzad v. Trasimene Capital FT, LP II, C.A. No. 2023-0193-JTL (Del. Ch.) — Stipulation and Agreement of Compromise, Settlement, and Release dated August 28, 2026, and Scheduling Order entered September 2, 2026, both posted on the settlement website
OpenClassActions.com is a consumer news site and is not the settlement administrator or a law firm.
Questions
Who qualifies for the FTAC II stockholder settlement?
Anyone who held Foley Trasimene Acquisition Corp. II (FTAC II) Class A common stock as of the March 23, 2021 redemption deadline and was entitled to, but did not, redeem all of those shares before the Paysafe merger. Heirs and successors who received the shares by operation of law are included. The defendants, their families and affiliated entities are excluded.
Do I need to file a claim in the FTAC II settlement?
Yes. The court-approved notice says class members must submit a Proof of Claim and Release, online or postmarked by January 7, 2027, to receive a payment. The claim lists the FTAC II shares held on March 23, 2021 and any later sales, with supporting brokerage documentation.
How much will the FTAC II settlement pay per share?
No per-share payment has been announced. The net fund is split pro rata by each claimant’s calculated loss: $8.04 a share plus a $0.10 nominal amount for shares held through February 15, 2023, and $10 minus the sale price plus $0.10 for shares sold below $10 before then. The final amount depends on how many shares are claimed and on fees and costs the court approves. Payments under $10 are not made.
Can I opt out of the FTAC II settlement?
No. The Court of Chancery certified a non-opt-out class, so class members cannot exclude themselves and are bound by the settlement if it is approved. Class members can object by a written objection received by November 20, 2026.
What is FTAC II and how is it connected to Paysafe?
Foley Trasimene Acquisition Corp. II was a special purpose acquisition company that merged with Paysafe in March 2021, creating the company that trades on the New York Stock Exchange as PSFE. FTAC II stockholders could redeem their shares for about $10 each before the merger; the lawsuit alleges the defendants impaired that choice. The defendants deny wrongdoing.
