InterPrivate Acquisition Corp., along with Aeva Technologies Inc. and related parties, has agreed to a $14 million settlement to resolve a class action lawsuit. The case alleged that InterPrivate breached fiduciary duties under Delaware law by providing false or misleading proxy materials related to a merger, which allegedly impaired shareholders’ redemption and voting rights.
Who Is Eligible?
To qualify for compensation, individuals or entities must meet the following criteria:
- Purchased, acquired, or held InterPrivate Class A common stock at any point between August 16, 2019, and March 12, 2021.
- Continued to hold redeemable Class A common stock on March 9, 2021.
This includes those who held shares through nominees, brokers, or custodial accounts.
What Compensation Is Available?
Eligible class members may receive two types of compensation:
- Nominal Damages:
Automatically receive $0.10 per eligible share held as of March 9, 2021. No claim form is required for this payment. - Additional Damages (claim form required):
- For each share sold between March 9, 2021, and March 7, 2024, below $10.07, claimants may recover the difference between $10.07 and the sale price.
- For shares held through March 7, 2024, claimants may receive $8.88 per share (calculated as $10.07 minus Aeva’s closing price of $1.19 on March 7, 2024).
- Shares sold at $10.07 or more, or those that result in a negative calculation, are not eligible for additional damages.
How to File a Claim
Class members may file a claim online or by mailing a completed claim form and supporting documents. The deadline to submit claims is September 11, 2025.
Mailing address:
InterPrivate Stockholder Settlement
c/o A.B. Data, Ltd.
P.O. Box 173040
Milwaukee, WI 53217
Required Documentation
Claimants must include documentation showing:
- Proof of share ownership as of March 9, 2021.
- Records of any purchases, acquisitions, or sales made through March 7, 2024.
- Proof of shares still held as of March 7, 2024 (if applicable).
Acceptable forms of documentation include brokerage statements, transaction confirmations, or other reliable records. Claims without proper documentation may be delayed or denied.
Payment Method
All payments will be issued by paper check.
Settlement Fund Allocation
The $14 million settlement fund will be used as follows:
- Up to $500,000 for settlement administration expenses
- Up to $2.8 million for attorneys’ fees and litigation costs
- Taxes and tax-related expenses (amount to be determined)
- Remaining funds will be distributed to approved class members
Any funds left over after distributions and redistribution efforts will be donated to the Delaware Combined Campaign for Justice.
Key Dates
- Claim submission deadline: September 11, 2025
- Fairness hearing: September 12, 2025
When Will Payments Be Made?
Settlement payments will be distributed after the court grants final approval, all claims are reviewed, and any appeals are resolved. The timeline for payment depends on the duration of the claims processing and legal review.
Why Was This Case Settled?
The lawsuit alleged that InterPrivate and affiliated parties breached fiduciary duties by providing misleading proxy statements that limited shareholders’ redemption and voting rights. The defendants deny any wrongdoing but agreed to the settlement to avoid the expense, delay, and uncertainty of ongoing litigation.
Sources
Settlement Status: Open for Claims
Estimated Award: Varies by claim
Claim Deadline: September 11, 2025
Please be aware that your claim form will be rejected if it contains fraudulent information. By submitting your information and your sworn statement of its accuracy, you are agreeing to do so under penalty of perjury. Submitting false information not only jeopardizes your claim but also affects others who are genuinely eligible for the settlement. If you are uncertain about your eligibility for this class action settlement, please visit the class action administrator’s website for more information. Note that NoProofClassActions.org participates in the Amazon affiliate advertising program, and this post may include affiliate links, which could result in us earning a commission if you make a purchase through those links.
