Published
October 16, 2026
Investors who bought Marqeta, Inc. (NASDAQ: MQ) Class A common stock or call options, or wrote Marqeta put options, between February 28, 2024 and November 4, 2024 may qualify to claim a pro rata share of a $13 million Marqeta securities class action settlement. Claims must be received by December 31, 2026, and the final approval hearing is set for January 12, 2027.
Current Status
Claims are open. Claim forms must be received by December 31, 2026. Judge Yvonne Gonzalez Rogers of the U.S. District Court for the Northern District of California granted preliminary approval on September 3, 2026, and the final approval hearing is scheduled for January 12, 2027 at 9:00 a.m. Pacific time. The settlement has not received final approval, and no payment date had been announced as of October 16, 2026.Free settlement alerts
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Status
Claims Open
Claim Deadline
December 31, 2026
Estimated Payout
About $0.11 per share
Estimated average after fees · pro rata share of $13M · $10 minimum payout
Proof Required
Yes
Claim form listing Marqeta trades, with supporting brokerage documentation
What Changed Recently?
The settlement resolves In re Marqeta, Inc. Securities Litigation, a consolidated federal securities case in Oakland. Lead counsel and the defendants agreed to a $13 million deal at a full-day mediation on November 3, 2025, and the lead plaintiff moved for preliminary approval in June 2026. After a July 28, 2026 hearing, the parties filed an amended settlement agreement that narrowed the release and capped the attorneys’ fee request, and the court granted preliminary approval on September 3, 2026. Notice to class members was scheduled to go out by October 2, 2026.The defendants are Marqeta, Inc., chief executive Simon Khalaf and chief financial officer Michael Milotich. They agreed to pay the $13 million without admitting liability, and their motion to dismiss was still pending when the case settled.
What Did the Lawsuit Claim?
Marqeta is an Oakland-based card-issuing platform whose stock trades on the Nasdaq under the ticker MQ. The lawsuit was filed on December 9, 2024, and a second, similar case was consolidated into it in March 2025. The amended complaint alleges that from February 28, 2024 through November 4, 2024, the company and the two executives misled investors about how quickly Marqeta could launch new customer programs and about the strength of, and its investment in, its regulatory compliance capabilities. It alleges those statements kept the share price artificially high until a November 4, 2024 disclosure, and it asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.The defendants argued in their motion to dismiss that the complaint did not identify a false statement and that the challenged statements were historical fact, protected forward-looking statements or general corporate optimism. None of the allegations has been proven.
Who Qualifies?
The settlement class covers all persons and entities that purchased or otherwise acquired publicly traded Marqeta Class A common stock, purchased or acquired publicly traded Marqeta call options, or wrote publicly traded Marqeta put options between February 28, 2024 and November 4, 2024, inclusive, and were damaged as a result. Only Nasdaq-traded MQ shares and exchange-traded options count; non-public Marqeta securities are not covered.Excluded are people and entities with no compensable loss, the defendants, Marqeta’s officers, directors, partners and control persons during the class period and their immediate families, Marqeta’s parents, subsidiaries and affiliates, entities the defendants control, trusts set up for an individual defendant, the defendants’ directors-and-officers insurers, and anyone who submits a request for exclusion the court accepts.
How Much Can You Get?
The $13 million fund also pays court-approved attorneys’ fees (class counsel will ask for no more than 25% of the fund), litigation expenses, a reimbursement request for the lead plaintiff, taxes, and notice and administration costs estimated at $165,000 to $175,000. The court’s order puts the estimated average recovery at about $0.14 per eligible Marqeta security before those deductions and about $0.11 after them. Those are averages across the class, not a promise to any one claimant, and the actual amount depends on how many valid claims are filed.The net fund is split pro rata by each claimant’s “Recognized Claim” under the plan of allocation. According to the preliminary approval motion:
- Common stock and call options create a recognized loss only if they were bought during the class period and still held at the close of trading on November 4, 2024.
- For common stock, the per-share loss is generally the lowest of the estimated $2.67 of artificial inflation, the purchase price minus the sale price, or the purchase price minus the average closing price over the 90 days after the class period ended.
- Recoveries on call options bought and put options written during the class period are capped at 1% of the net fund, matching the share of class-period trading volume that options represented.
A claimant whose calculated payment is under $10.00 receives nothing, because a check that small would cost more to issue than it is worth. No money returns to the defendants. Funds left nine months after the first distribution are redistributed to claimants where cost-effective, and any final remainder goes to the Public Justice Foundation.
What Proof Is Required?
Proof is required. The plan of allocation computes a loss only for purchases, acquisitions and sales that are listed on the Claim Form and backed by adequate supporting documentation, and the motion for preliminary approval describes eligible claims as Claim Forms submitted “with required documentation.” In practice that means each Marqeta transaction during the class period, plus holdings at the relevant dates, documented with brokerage confirmations, account statements or similar records. The court-approved notice plan sends notice to identifiable class members and to brokerage firms and nominees, and also posts the Claim Form on the settlement website. Epiq reviews each claim and gives claimants a chance to cure deficiencies.What Is the Deadline?
The Claim Form must be received by December 31, 2026. Requests for exclusion must be received by the administrator by December 22, 2026, and written objections to the settlement, the plan of allocation or the fee request must be filed with the court by December 22, 2026. A notice of intention to appear at the final approval hearing is due January 5, 2027. The court order does not specify a time of day for the claim deadline.A request for exclusion must be in writing and signed, must state that the person or entity requests exclusion from the settlement class in In re Marqeta, Inc. Securities Litigation, Case No. 4:24-cv-08874-YGR, and must list the Marqeta securities bought, acquired, written and sold during the class period with dates and prices. Class members who do not exclude themselves are bound by the settlement’s release if it is approved, whether or not they file a claim.
How Do You Take Action?
Claims are filed through the official Marqeta Securities Settlement website, run by the court-appointed administrator, Epiq Class Action & Claims Solutions. Under the court-approved notice plan, the site posts the long-form notice and the Claim Form for download and accepts claims online. A claim lists the claimant’s Marqeta transactions and holdings and includes the supporting brokerage records. Lost notice information and other questions go through the contact options on the official settlement website.What Happens Next?
Class counsel’s motion for attorneys’ fees and expenses and the motion for final approval are due November 17, 2026. Judge Yvonne Gonzalez Rogers will hold the fairness and final approval hearing on January 12, 2027 at 9:00 a.m. Pacific time in Courtroom 1 of the Oakland courthouse, and the court may move that date without further notice to the class. If the settlement is approved, Epiq processes the claims and pays each authorized claimant’s pro rata share; no payment date has been announced.Sources and Verification
- Official Marqeta Securities Settlement website (Epiq)
- In re Marqeta, Inc. Securities Litigation, No. 4:24-cv-08874-YGR (N.D. Cal.), docket on CourtListener
- Order Granting Preliminary Approval of Settlement, ECF No. 82 (September 3, 2026)
- Motion for Preliminary Approval of Class Action Settlement, ECF No. 70 (June 18, 2026)
Questions
Do Marqeta shares bought during the class period and sold before November 4, 2024 count?
Under the plan of allocation described in the preliminary approval motion, Marqeta common stock and call options produce a recognized loss only if they were bought during the class period and still held at the close of trading on November 4, 2024. Put options count only if they were written during the class period and were still open at that close. Positions opened and closed entirely before November 4, 2024 generally produce no recognized loss.
How much of the Marqeta settlement goes to options traders?
Recoveries for Marqeta call options bought and put options written during the class period are capped at 1% of the net settlement fund, because options trading made up about 1% of the dollar trading volume in Marqeta securities during the class period. The rest of the net fund goes to common stock claims.
Does Marqeta admit wrongdoing in the settlement?
No. Marqeta, Inc., CEO Simon Khalaf and CFO Michael Milotich agreed to pay $13 million without admitting liability. The settlement was reached while their motion to dismiss the amended complaint was still pending, and no court has ruled that the challenged statements were false.
What happens to Marqeta settlement money that is left over?
No money goes back to the defendants. If funds remain nine months after the first distribution, Epiq redistributes them to claimants when doing so is cost-effective. Once further redistribution is no longer cost-effective, any remaining balance goes to the cy pres recipient, the Public Justice Foundation.
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Settlement Amount
$13,000,000
Case Title
In re Marqeta, Inc. Securities Litigation
Case Number
4:24-cv-08874-YGR
Court
U.S. District Court, Northern District of California
Final Approval Hearing
January 12, 2027 at 9:00 AM PT
Chief Judge Yvonne Gonzalez Rogers · Oakland, Courtroom 1 · date may change
Administrator
Epiq Class Action & Claims Solutions
Official Website
Marqeta Securities Settlement
