If you held Foley Trasimene Acquisition Corp. II Class A shares going into the Paysafe merger and chose not to cash them out for about $10 each, you are likely part of a $59.5 million settlement — but unlike many merger cases, this one pays only people who file a claim. The deadline is January 7, 2027, and the claim needs brokerage records showing what you held on March 23, 2021 and what you did with those shares afterward.
Status: Claims open | Claim deadline January 7, 2027 (online or postmarked) | Objections received by November 20, 2026 | No opt-out | $59.5 million fund
The Redemption Choice at the Center of the Case
Foley Trasimene Acquisition Corp. II (FTAC II) was a special purpose acquisition company, or SPAC. It raised about $1.47 billion in an August 2020 public offering at $10 a unit and then agreed to merge with Paysafe. Before that deal closed, every public stockholder had the right to redeem shares for about $10 apiece out of the trust account. According to the notice, holders redeemed only 98,846 of more than 183 million Class A shares. The merger closed on March 30, 2021, and the combined company began trading on the New York Stock Exchange as PSFE.
The lawsuit, Farzad v. Trasimene Capital FT, LP II, C.A. No. 2023-0193-JTL in the Delaware Court of Chancery, alleges the SPAC’s sponsor, founder, directors and officers breached their fiduciary duties by impairing that redemption decision. The plaintiffs say the defendants put their own interests first, 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, say they acted in good faith, and agreed to settle to end the litigation. The court denied a motion to dismiss in January 2024 and certified the class in February 2026. The parties were preparing for trial when they accepted a mediator’s proposal in June 2026, signed the settlement on August 28, 2026, and on September 2, 2026 Vice Chancellor J. Travis Laster entered a scheduling order directing notice to the class.
Who Is in the Class
The class is everyone who held FTAC II Class A common stock as of the March 23, 2021 redemption deadline, of record or through a broker, who was entitled to redeem but did not redeem all of their shares. Heirs and successors who got 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 Class A common stock counts. Redeemed shares, options and warrants do not. Buying Paysafe (PSFE) shares after the merger does not make you a class member on its own.
How Claims Are Weighed
The plan of allocation gives each FTAC II Class A share held at the close on March 23, 2021 a “Total Loss” figure. These numbers only rank claims against one another; they are not what you will be paid.
| Held through February 15, 2023 | $8.04 per share (the $10 redemption price minus Paysafe’s $1.96 close 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 |
After attorneys’ fees, expenses, notice and administration costs and taxes, the net fund is split pro rata by each claimant’s share of the combined Total Loss of all approved claims. The per-share payment therefore depends on how many shares are claimed, and no per-share estimate has been published. If your share works out to less than $10, you receive nothing.
Plaintiffs’ counsel will ask for fees of up to 30% of the $59.5 million plus expenses. The two plaintiffs may receive up to $15,000 each, paid out of the fee award rather than the class fund.
What You Need to File
The Proof of Claim and Release asks for the number of FTAC II Class A shares you held on March 23, 2021 and any later sales, backed by adequate documentation such as brokerage statements or trade confirmations. The settlement website has one claim portal for individual accounts and a separate one for institutions and filers submitting many accounts. A paper form can be downloaded and mailed instead.
Because the loss figure turns on whether you still held the shares on February 15, 2023, the sale records matter as much as the March 2021 holdings. Brokers and other nominees that held shares for others are directed to forward the notice or send holder information to the administrator.
No Opt-Out
This is a non-opt-out class under the Court of Chancery’s rules. You cannot exclude yourself, and if the settlement is approved you are bound by it whether or not you file a claim. The only way to register disagreement is a written objection received by November 20, 2026. That is why filing matters: staying silent releases your claims and pays you nothing.
Key Dates
| 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, in person or remotely. |
| January 7, 2027 | Claims must be submitted online or postmarked. |
Money is distributed only after the court approves the settlement and plan of allocation, all claims are processed and any appeal period has run. If $50,000 or more is left from uncashed or undeliverable payments, it is redistributed to claimants; a smaller remainder goes to the Delaware Combined Campaign for Justice. None returns to the defendants.
How to File
File on the FTAC II stockholder settlement claim page, run by the court-appointed administrator, JND Legal Administration. The official settlement website also posts the notice, the stipulation and the scheduling order. For updates as the December hearing approaches, see the FTAC II Paysafe settlement page on OpenClassActions.com.
Frequently Asked Questions
Do I have to file a claim in the FTAC II settlement?
Yes. The notice says class members must submit a Proof of Claim and Release, online or postmarked by January 7, 2027, to be paid. Because the class is non-opt-out, you are bound by the settlement even if you do not file.
I bought Paysafe stock after the merger. Am I included?
Not on that basis alone. The class covers people who held FTAC II Class A common stock on the March 23, 2021 redemption deadline and did not redeem all of those shares. Options, warrants and redeemed shares are not eligible.
How much will I get per share?
No per-share estimate has been published. The plan assigns $8.04 plus $0.10 to each share held through February 15, 2023, and smaller amounts for shares sold earlier, but those figures only set each claimant’s share of the net fund. Payments under $10 are not made.
What documents do I need?
Brokerage statements or confirmations showing your FTAC II Class A shares on March 23, 2021 and any sales after that date.
Can I opt out?
No. The Court of Chancery certified a non-opt-out class. You can object in writing so that your objection is received by November 20, 2026.
When will payments be sent?
Only after approval at or after the December 8, 2026 hearing, claim processing and the end of any appeal period. No payment date has been set.
Sources
- Official settlement website and claim portal — FTAC II Stockholder Settlement, administered by JND Legal Administration.
- Notice of Pendency and Proposed Settlement, Stipulation dated August 28, 2026, and Scheduling Order entered September 2, 2026, in Farzad v. Trasimene Capital FT, LP II, C.A. No. 2023-0193-JTL (Del. Ch.).
- OpenClassActions.com — FTAC II Paysafe Stockholder Settlement.
Source and credit: the settlement terms, deadlines and benefit details described above are drawn from our sister site’s reporting — OpenClassActions.com: FTAC II Paysafe Stockholder Settlement — which tracks this case against the court-approved notice and the official settlement website and is updated as the court rules.
Legal Disclaimer
This article is for informational purposes only and is not legal advice. OpenClassActions.org is a consumer news site, not a law firm and not the settlement administrator, and is not affiliated with any party to the case described. The allegations are allegations; unless a court has ruled, the defendants deny wrongdoing and no court has decided the merits. Deadlines, benefit amounts and payment timing can change as the court and the administrator act, so confirm current status on the official settlement website. You never need to pay anyone to file a claim or to receive a settlement payment.