Defendant: Kensington Capital Partners, LLC
If you held Class A common stock in Kensington Capital Acquisition Corporation as of November 23, 2020 at 4:30 p.m. ET and did not redeem those shares, you may be eligible for a cash payment from an $8.75 million class action settlement.
The settlement resolves allegations that Kensington Capital Partners and certain individuals breached fiduciary duties and made misleading statements related to the company’s business combination with QuantumScape. These alleged actions may have prevented stockholders from making informed redemption decisions.
Who Qualifies?
You may be eligible to receive payment if:
- You held Kensington Class A common stock as of November 23, 2020, at 4:30 p.m. ET.
- You had the right to redeem your shares but chose not to.
- You are the record holder, beneficial owner, heir, successor, transferee, or assignee of the shares.
How Much Can You Receive?
The amount of compensation depends on how your shares were handled after the redemption deadline:
- Sold QuantumScape shares before March 2, 2023 at a loss:
Eligible for the difference between $10.00 (redemption price) and your sale price, plus $0.10 per share in nominal damages. - Held QuantumScape shares or sold them after March 2, 2023:
Eligible for $1.12 per share, based on $10.00 minus the March 2, 2023 closing price of $8.88, plus $0.10 in nominal damages per share.
How to File a Claim
To receive payment, you must submit a Proof of Claim and Release form by August 7, 2025. Claims may be submitted online or by mail.
Mailing Address:
Kensington SPAC Settlement
Settlement Administrator
c/o Verita Global
P.O. Box 301170
Los Angeles, CA 90030-1170
Required Documentation
Claimants must provide documentation such as:
- Broker confirmations or statements showing holdings as of November 23, 2020
- Records of share purchases, sales, and conversions from November 23, 2020 through March 2, 2023
- Proof of QuantumScape share holdings as of March 2, 2023 (if applicable)
Payment Methods
- Direct deposit (ACH, Venmo, PayPal)
- Check by mail
Settlement Fund Breakdown
The $8.75 million settlement will be allocated as follows:
- Administration Costs: Estimated at $500,000 or more, subject to court approval
- Attorneys’ Fees: Up to $1.75 million
- Attorneys’ Expenses: To be submitted for approval
- Plaintiff Service Award: Up to $5,000 (paid from attorneys’ fees)
- Claimant Payments: Remaining funds distributed to eligible stockholders
Important Dates
- Fairness Hearing: July 11, 2025
- Claim Filing Deadline: August 7, 2025
- Deadline to Submit Notice of Appearance: June 18, 2025
When Will Payments Be Made?
Payments will be distributed after the court grants final approval of the settlement and all claims are reviewed and processed.
Why Was This Case Settled?
The lawsuit alleged that Kensington and its board made false or misleading statements about the merger with QuantumScape, which allegedly prevented shareholders from making informed decisions about redeeming their shares. The defendants deny all allegations but agreed to settle to avoid the cost and uncertainty of continued litigation.
Sources:
Estimated Award: Varies; up to $10.00+ per share
Claim Deadline: August 7, 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.
