Published
September 24, 2026
Updated
October 9, 2026
Investors who bought TAL Education Group American Depositary Shares (NYSE: TAL) between January 14, 2022 and March 14, 2023, and still held them on March 14, 2023, could claim a share of the $14.1 million TAL Education securities class action settlement, estimated at about $0.09 per damaged ADS before fees. Mailed claims had to be postmarked by September 29, 2026 and online claims closed October 8, 2026; the final approval hearing is set for October 29, 2026.
Current Status
Claims are closed. Mailed paper claims had to be postmarked by September 29, 2026, and the electronic claim form on the settlement website accepted claims until 11:59 p.m. Eastern Time on October 8, 2026. The final approval hearing is set for October 29, 2026 at 10:00 a.m., no final approval order exists yet, and no payment date has been announced.Free settlement alerts
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Status
Claims Closed
Claim Deadline
October 8, 2026
Closed · online by 11:59 p.m. ET · mailed claims postmarked by September 29, 2026
Estimated Payout
About $0.09 per ADS
Average before fees · about $0.059 after · actual amount is pro rata, capped at $0.82 Recognized Loss per ADS
Proof Required
Yes
Brokerage records for TAL ADS holdings and trades from January 13, 2022 through June 12, 2023
What Changed Recently?
TAL Education Group agreed to pay $14,100,000, plus interest as it accrues, to resolve Lewandowski v. TAL Education Group, No. 2:23-cv-01769 (JRA), in the U.S. District Court for the District of New Jersey. The parties signed the stipulation of settlement on February 13, 2026, and the court-authorized notice to investors is dated April 28, 2026. The claim window opened after that notice and closed October 8, 2026.The lawsuit alleges that TAL made false and misleading statements to investors about whether its tutoring programs complied with the Double Reduction — Chinese government rules that, among other things, barred for-profit companies from offering after-school tutoring in academic subjects. Plaintiffs allege the ADS price was artificially inflated during the class period and fell when the truth allegedly came out. TAL and the individual defendants who were dismissed earlier in the case deny all allegations of wrongdoing, fault, liability or damage, and the Court did not decide the case in either side's favor.
Who Qualifies?
The settlement class covers everyone who purchased or otherwise acquired publicly traded TAL American Depositary Shares from January 14, 2022 through March 14, 2023, both dates inclusive, and held those ADSs until at least March 14, 2023. That holding requirement is the part most likely to rule someone out: an investor who bought during the class period but sold everything on or before March 13, 2023 is not covered.Excluded are the defendants; the officers and directors of TAL and its subsidiaries; the family members, heirs, assigns and legal representatives of any of them; entities they control; U.S. District Judge Michael E. Farbiarz and U.S. Magistrate Judge José R. Almonte, their current or former chambers staff and their family members; and anyone who submits a valid, timely request for exclusion.
A Chinese-language version of the notice and claim form is posted on the settlement website.
How Much Can You Get?
The notice estimates the settlement at about $0.09 per damaged ADS, based on the plaintiffs' estimate of 156.3 million damaged ADSs. After the attorneys' fees, expenses and plaintiff reimbursements described below — estimated at no more than about $0.031 per ADS combined — the average falls to roughly $0.059 per damaged ADS. Both figures are averages, not a per-claimant promise: each authorized claimant receives a pro rata share of the net fund based on their own Recognized Loss compared with the total Recognized Losses of everyone who files a valid claim.Lead Counsel will ask the Court for attorneys' fees of up to one-third of the fund ($4,700,000) plus interest, litigation expenses of no more than $180,000, and reimbursement of the plaintiffs' costs tied to representing the class of no more than $8,000 in total. Notice and administration costs and any taxes on interest also come out of the fund. The Court may award less and has not ruled.
Recognized Loss for an ADS bought during the class period is calculated this way, and every branch is capped at $0.82 per ADS:
- Sold on or before March 13, 2023 — $0.00
- Sold on March 14, 2023 — the lesser of $0.82 or the purchase price minus the sale price
- Sold March 15 through June 12, 2023 — the lesser of $0.82 or the purchase price minus the running average closing price on the sale date, which the notice lists day by day
- Still held at the close of trading on June 12, 2023 — the lesser of $0.82 or the purchase price minus $6.00
As an illustration only: an ADS bought for $6.50 and still held on June 12, 2023 would count for $0.50 — the lesser of $0.82 and $6.50 minus $6.00. That is a weighting used to divide the fund, not the payment.
Other rules in the Plan of Allocation: ADSs originally bought before January 14, 2022 count for $0; sales are matched first-in, first-out, starting with ADSs held at the close on January 13, 2022; the covering purchase of a short sale is not eligible; ADSs acquired by exercising, converting or exchanging non-publicly traded securities are not eligible, while ADSs bought through the exercise of a publicly traded option are treated like other purchases; and ADSs received by gift or inheritance use the original buyer's purchase date and price. No payment is issued to anyone whose share would come to less than $10.00. Payments are made by check.
What Proof or Notice ID Is Required?
No Claim ID, PIN or notice code was needed to start a claim, and individual filers did not have to contact the administrator before using the online form. The claim did require documentation.The Proof of Claim and Release Form asked for the number of TAL ADSs held at the close of trading on January 13, 2022; every purchase or acquisition from January 14, 2022 through June 12, 2023; every sale over that same span; and the number of ADSs held at the close on June 12, 2023. Every one of those entries had to be documented with broker confirmation slips, brokerage statements or equivalent records, and the form said a claim without official documents of the purchases and sales would be rejected.
The form also asked for the beneficial owner's contact details and full Social Security number or taxpayer identification number, and it was signed under penalty of perjury. Anyone filing for someone else — an executor, administrator or trustee — had to include evidence of their authority.
What Is the Deadline?
Both claim deadlines have passed. Claims submitted electronically on the settlement website were due by 11:59 p.m. Eastern Time on October 8, 2026, and mailed paper claims had to be postmarked by September 29, 2026, nine days before the online deadline.Requests for exclusion close on two dates depending on how they are sent: a mailed request had to be received by October 8, 2026, and an emailed request must arrive by 11:59 p.m. Eastern Time on October 15, 2026, by email as the notice explains. Either way the request must list every class-period transaction, include documentary proof of the trades and of beneficial ownership, and be signed under penalty of perjury. Objections had to be received by Lead Counsel and defense counsel by October 8, 2026. Nobody can both opt out and collect a payment.
How Were Claims Filed?
Claims were filed through the official TAL Education securities settlement website, run by the court-appointed claims administrator, Strategic Claims Services. The site hosted the electronic claim form and hosts the notice, the preliminary approval order and the stipulation. Filing was free and did not require a lawyer.The online form asked for the beginning holdings on January 13, 2022, each purchase and sale through June 12, 2023 in date order, and the ending holdings, along with uploaded supporting documents and a signed certification. An automated email confirmed receipt of each online claim. Brokers and institutions filing for many accounts used a separate electronic spreadsheet process described on the settlement website.
What Happens Next?
U.S. Magistrate Judge José R. Almonte will hold the settlement fairness hearing on October 29, 2026 at 10:00 a.m. in Newark, New Jersey, to decide whether to approve the settlement, the Plan of Allocation and Lead Counsel's request for fees and expenses. The hearing can be rescheduled without a new notice; changes are posted on the settlement website. Attendance is not required to receive a payment.Distribution begins only after every timely claim has been processed and the Court has finally approved the settlement. No distribution date has been announced. If money remains at least six months after the first round of checks, it first covers claimants mistakenly left out and any extra administration costs, then may fund a second distribution to claimants who cashed their first check and would receive at least $10.00; any final remainder goes to a nonprofit charitable organization chosen by the plaintiffs and approved by the Court.
Sources and Verification
The figures, dates and mechanics on this page come from the court-authorized Notice of Pendency and Proposed Settlement of Class Action dated April 28, 2026, including its Plan of Allocation and the attached Proof of Claim and Release Form, and from the official settlement website maintained by the claims administrator.- Official settlement website — TAL Education Group Securities Litigation
- Notice of Pendency and Proposed Settlement, with Proof of Claim — read the notice
- Order preliminarily approving the settlement — read the order
- Court docket — Lewandowski v. TAL Education Group, No. 2:23-cv-01769 (JRA), U.S. District Court for the District of New Jersey
This page is informational and is not legal advice.
Questions
When did TAL claims close?
Claims closed in two stages. Mailed paper claims had to be postmarked by September 29, 2026, and the electronic claim form on the settlement website accepted claims until 11:59 p.m. Eastern Time on October 8, 2026.
Do TAL ADSs sold before March 14, 2023 count?
No. The class is limited to investors who held their ADSs until at least March 14, 2023, and the Plan of Allocation assigns a Recognized Loss of $0 to any ADS sold on or before March 13, 2023. ADSs originally bought before January 14, 2022 also carry a Recognized Loss of $0.
What is the most a TAL ADS can count for in the Plan of Allocation?
Every formula in the Plan of Allocation is capped at $0.82 per ADS. An ADS still held at the close of trading on June 12, 2023 counts for the lesser of $0.82 or its purchase price minus $6.00, and one sold between March 15 and June 12, 2023 counts for the lesser of $0.82 or its purchase price minus the running average closing price on the sale date. Recognized Loss is a weighting used to divide the fund, not the amount paid.
What happens to money left over in the TAL settlement fund?
At least six months after the first distribution, any remaining balance first covers claimants mistakenly left out of the first round and any additional administration costs, then may fund a second distribution to claimants who cashed their first check and would receive at least $10.00. Whatever remains after that is donated to a nonprofit charitable organization chosen by the plaintiffs and approved by the Court.
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Settlement Amount
$14,100,000 plus interest
Case Title
Lewandowski v. TAL Education Group
Case Number
2:23-cv-01769 (JRA)
Court
U.S. District Court for the District of New Jersey
Final Approval Hearing
October 29, 2026 at 10:00 AM
Before Magistrate Judge José R. Almonte in Newark · check the settlement website for changes
Administrator
Strategic Claims Services
Official Website
TAL Education Settlement
