Atlas Crest, Archer Aviation $15 Million Stockholder Class Action Settlement, Who Qualifies, How to Claim and the January 4, 2027 Deadline

If you owned Atlas Crest Investment Corp. Class A common stock on September 10, 2021 and did not redeem all of your shares before the Archer Aviation merger, you may be able to claim money from a $15,000,000 settlement. You must file a Proof of Claim to be paid. The deadline is January 4, 2027. The settlement still needs final approval at a hearing on December 3, 2026.

Official settlement website: https://atlascreststockholderlitigation.com/ Claim form (online or downloadable Proof of Claim): https://atlascreststockholderlitigation.com/claim

The defendants deny wrongdoing, and the Delaware Court of Chancery has not ruled on the merits. This is a stockholder settlement, not a refund for Archer Aviation customers or people who bought air-taxi services. It does not offer a guaranteed flat payment to every shareholder.

Atlas Crest / Archer Aviation Settlement: Quick Facts

Item	Details
Case name	In re Archer Aviation Inc. Stockholder Litigation
Case number	Consol. C.A. No. 2024-0527-LWW
Court and judge	Delaware Court of Chancery; Vice Chancellor Lori W. Will
Settlement amount	$15,000,000 in cash
Named plaintiffs	Sonal Singh, Saheem Kundapur and Josh Wortman
Settling defendants	Kenneth Moelis, Michael Spellacy, Emanuel Pearlman, David Fox and Eileen Murray
Who is eligible	Holders of Atlas Crest Class A common stock as of September 10, 2021 who did not redeem all or some of their shares
Official settlement website	https://atlascreststockholderlitigation.com/
Claim form	https://atlascreststockholderlitigation.com/claim (required; file online or by mail)
Claim deadline	January 4, 2027 (online, or received by mail; mail legibly postmarked by that date counts as received on the postmark date)
Objection deadline	November 17, 2026 (must be received)
Notice of intent to appear	November 18, 2026 (must be received)
Settlement hearing	December 3, 2026 at 11:00 a.m. ET
Opt-out right	None. This is a non-opt-out class.
Minimum payment	Calculated payments under $10.00 are not issued
Settlement administrator	JND Legal Administration
Phone and email	1-888-964-1158; [email protected]
Mailing address	Atlas Crest Stockholder Litigation, c/o JND Legal Administration, P.O. Box 91241, Seattle, WA 98111
Status	Proposed settlement awaiting final approval

What Is the Atlas Crest Archer Aviation Lawsuit About?

Atlas Crest Investment Corp. was a special purpose acquisition company, or SPAC, a company that raises money from investors to later merge with an operating business. It completed its IPO on October 30, 2020, selling 50 million units at $10 each and raising $500 million, which was held in a trust account. Public stockholders had the right to redeem their shares for a pro rata share of the trust, about $10.00 per share, instead of staying invested through the merger.

Atlas Crest agreed to merge with electric aircraft developer Archer Aviation on February 10, 2021 (amended July 29, 2021). It filed its definitive proxy statement on August 11, 2021. The redemption deadline was September 10, 2021, stockholders approved the deal on September 14, and it closed on September 16, 2021, when Atlas Crest was renamed Archer Aviation Inc. About 24.24 million shares, roughly 48.5% of the public shares, were redeemed before the deadline.

Three stockholders sued in Delaware in 2024. They alleged that Atlas Crest’s sponsor, directors and officers made materially false and misleading statements about the merger, impairing stockholders’ ability to make an informed redemption decision. They asserted breach of fiduciary duty, aiding and abetting breaches of fiduciary duty, and unjust enrichment. The theory is that investors who would have taken their $10 per share back instead held on and later saw the stock trade below that price.

The settling defendants deny the allegations. They say they acted in good faith and in the best interests of Atlas Crest and its stockholders, and settled only to avoid the burden, expense and uncertainty of more litigation. The settlement is not an admission of liability.

How the Case Got to Settlement

Date	Event
May 17, 2024	Singh lawsuit filed in Delaware Court of Chancery
June 19, 2024	Wortman lawsuit filed
July 23, 2024	Cases consolidated; co-lead plaintiffs and counsel appointed
July 21, 2025	Court grants in part and denies in part motions to dismiss; some defendants dismissed with prejudice
June 4, 2026	Mediation session ends without a deal
June 5, 2026	Agreement in principle reached after the parties accepted a double-blind mediator’s proposal
August 10, 2026	Settlement agreement (Stipulation) signed
August 31, 2026	Court enters scheduling order approving notice and setting the hearing

The July 2025 ruling dismissed claims with prejudice against Todd Lemkin, Adam Goldstein, Brett Adcock, the Moelis & Company entities and New Archer. Two other individuals were dismissed without prejudice earlier. The settling defendants are the five people in the Quick Facts table.

Related article: Fontaine Modification $1.6 Million Employee Wage Class Action Settlement, Who Qualifies, How to Claim and the November 27 Deadline

Laws and Legal Theories Behind the Case

Delaware fiduciary duty law. Atlas Crest was a Delaware corporation, so its directors, officers and controlling sponsor owed fiduciary duties of loyalty and care under Delaware common law. In SPAC cases, Delaware courts have recognized that stockholders can bring direct claims that insiders impaired their redemption rights through misleading or incomplete disclosures, as in In re MultiPlan Corp. Stockholders Litigation, 268 A.3d 784 (Del. Ch. 2022), a decision by the same judge who oversees this case. Later Delaware decisions have refined the standard, which is why motions to dismiss in these cases often produce mixed results, as happened here.

Aiding and abetting and unjust enrichment. Delaware recognizes claims against people who knowingly help another breach a fiduciary duty, and claims to recover benefits retained unjustly.

DGCL § 102(b)(7). Delaware companies can adopt charter provisions that shield directors, and since 2022 certain officers, from personal monetary liability for breaches of the duty of care. These provisions do not cover loyalty breaches or bad faith, which is why the loyalty-based claims matter.

Delaware Court of Chancery Rule 23. Rule 23(a) sets the class requirements. Rules 23(b)(1) and 23(b)(2) allow a mandatory class where separate suits could create inconsistent results or where relief applies to the class as a whole. Under Rule 23(e), the court must find a class settlement fair, reasonable and adequate before approving it, which is the purpose of the December 3 hearing.

Attorneys’ fees. Delaware courts review fee requests under the factors in Sugarland Industries, Inc. v. Thomas, 420 A.2d 142 (Del. 1980), including the benefit achieved, the complexity of the case, the risk and the time spent. A 20% request is within the range Delaware courts have often seen in cases resolved after substantial litigation, but the court decides.

Statute of limitations. Delaware generally applies a three-year limit to fiduciary duty claims by analogy to 10 Del. C. § 8106.

Federal securities law and SEC SPAC rules. Federal proxy claims under Section 14(a) of the Securities Exchange Act and Rule 14a-9 address misleading proxy statements, but the claims in this case are Delaware state-law claims. The SEC adopted new SPAC disclosure rules in January 2024, after the events at issue.

Who Is Eligible for the Atlas Crest Settlement?

The class includes all record and beneficial holders of Atlas Crest Class A common stock who held it as of the September 10, 2021 redemption deadline and elected not to redeem all or some of their shares. It includes successors-in-interest who obtained shares by operation of law. The court has certified the class for settlement purposes only.

Who is excluded: the defendants; immediate family members of the individual defendants; any entity in which a defendant or excluded person had a controlling interest as of the closing; and the legal representatives, agents, heirs, estates, successors and assigns of any of them.

Who gets paid. Only “Eligible Class Members” can receive money: class members who held Atlas Crest Class A shares immediately after the redemption deadline that were not submitted for redemption. If you redeemed every share, you have no loss under the plan and will not be paid.

• Current ownership does not matter. You do not need to own Archer stock today. The test is whether you held eligible Atlas Crest shares on September 10, 2021 and did not redeem them.
• Selling later does not disqualify you. The plan covers shares sold between September 10, 2021 and May 16, 2024. The timing and price of the sale affect your calculation.
• Buying Archer stock after the merger does not make you a class member. Later transactions are requested only to calculate eligible claims.
• Receiving the notice does not mean you are eligible. It goes to anyone who might be in the class.

Do I Have to File a Claim?

Yes. To get paid, you must submit a Proof of Claim by January 4, 2027. You can file online through the official claim page (including an institutional portal for those filing for multiple accounts) or mail a signed form with supporting documents to the administrator’s address above.

How to file online

1. Go to https://atlascreststockholderlitigation.com/claim and choose the individual or institutional portal.
2. Enter the claimant information and your schedule of transactions.
3. Upload the supporting documents requested.
4. Submit before January 4, 2027 and save your confirmation.

What the form asks for

• The number of Atlas Crest Class A shares you held at the close of trading on September 10, 2021
• Every purchase and sale of Atlas Crest or Archer shares from after September 10, 2021 through May 16, 2024, in date order
• Any shares redeemed in connection with the merger
• Your holdings of Archer common stock at the close of trading on May 16, 2024
• The beneficial owner’s contact details, account type, and the last four digits of an SSN or taxpayer ID

Attach brokerage statements or confirmations backing up each position and transaction. Missing documentation can delay or sink a claim. Claims are matched on a first-in, first-out basis, only the beneficial holder can file, and only one claim should be filed per legal entity. Executors, trustees and other representatives must send proof of their authority. Option contracts are not eligible, and short sales produce no loss under the plan. If you do not file a claim, you may not be paid but you are still bound by the settlement. Do not pay anyone to file for you. Use only the official portal, form and contact information.

How Much Will I Get?

No amount is set. The $15 million, plus interest, less taxes, notice and administration costs and court-approved fees and expenses, forms the Net Settlement Fund, which is divided pro rata according to each claimant’s Total Loss under the Plan of Allocation. The plan uses the $10.00 redemption price as its benchmark:

What you did with an eligible share	Total Loss per share
Sold after September 10, 2021 and before the close of May 16, 2024, for less than $10.00	$10.00 minus the sale price, plus $0.10
Sold for $10.00 or more	$0.00, plus $0.10
Still held at the close of trading on May 16, 2024	6.19(10.00 minus $3.81, Archer’s closing price that day), plus $0.10

The $0.10 is a nominal amount added to every eligible share. Redeemed shares have no loss, and negative results are set to zero.

Example (illustration only): 1,000 eligible shares still held on May 16, 2024 would have a Total Loss of $6,290 (1,000 x $6.29). That is only the claimant’s weight in the formula. The actual payment is the share of the net fund that $6,290 represents out of all claimants’ combined Total Loss. The plan is not a damages estimate.

• $10 minimum. If your calculated payment is under $10.00, you are not paid but are still bound by the settlement.
• No reversion. If the fund exceeds total claimed losses, the excess is shared among eligible claimants, and the defendants do not get money back.
• The court can change the plan. Approval of the plan is separate from approval of the settlement.

What Comes Out of the $15 Million First?

Plaintiffs’ lawyers may ask for attorneys’ fees of up to 20% of the settlement ($3,000,000) plus litigation expenses. They may also request service awards of up to $2,500 for each of the three plaintiffs, paid out of the fee award rather than on top of it. The court decides what to award. Class members do not pay these amounts directly; they come from the fund. Taxes, notice costs and administration expenses also come out, and the notice does not give a figure for administration costs.

When Will Payments Go Out?

No date is set. The net fund will not be distributed until all of the following happen:

1. The court gives final approval after the December 3, 2026 hearing.
2. The court approves a plan of allocation.
3. The time to seek rehearing or appeal has expired, or any appeal is resolved.
4. The administrator has processed all claims.

Checks not cashed within six months of issue are handled by locating the owner and, if $50,000 or more remains, redistributing to claimants who cashed their first payment. Once less than $50,000 remains, it goes to the Delaware Combined Campaign for Justice. Keep your address current with the administrator. Settlement payments may be taxable, so ask a tax professional how to report yours.

Key Dates

Event	Date
Written objections must be received	November 17, 2026
Notice of intention to appear must be received	November 18, 2026
Settlement hearing	December 3, 2026, 11:00 a.m. ET
Proof of Claim deadline	January 4, 2027

The hearing is at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware, but the court may hold it by phone or video, and dates can change without further written notice. Check the settlement website and the court’s docket before planning to attend. You do not have to attend to receive a payment.

Can I Opt Out or Object?

You cannot opt out. The class is a non-opt-out class under Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2). If you are in the class, you are bound by the settlement and its release whether or not you file a claim. Doing nothing does not preserve an individual lawsuit over released claims.

You can object to the settlement, the plan of allocation or the fee request. Your objection must be filed with the Register in Chancery and served on both sides’ lawyers so that it is received by November 17, 2026, with copies also emailed to counsel. It must:

• Identify the case: “In re Archer Aviation Inc. Stockholder Litigation, Consol. C.A. No. 2024-0527-LWW”
• Give your name, address and telephone number (and your lawyer’s, if you have one)
• Be signed by you
• State the specific reasons for each objection, with any legal and evidentiary support, plus any witnesses or exhibits if you plan to appear
• Include proof you are a class member, such as monthly brokerage statements or a broker’s authorized statement

If you hire a lawyer, you pay them yourself, and the lawyer must file a notice of appearance received by November 18, 2026. You cannot present an objection at the hearing unless you filed one properly first, and anyone who does not object the required way is treated as having waived the right to object or appeal. Counsel to serve: Rebecca A. Musarra of Grant & Eisenhofer P.A., Erik W. Luedeke of Robbins Geller Rudman & Dowd LLP and Gregory E. Del Gaizo of Robbins LLP for plaintiffs, and Daniel Mason of Paul, Weiss, Rifkind, Wharton & Garrison LLP and S. Michael Sirkin of Ross Aronstam & Moritz LLP for the settling defendants. Do not contact the court or the Register in Chancery about the notice itself.

What Am I Giving Up?

If the settlement is finally approved, every class member releases the defendants and related parties from all claims, known or unknown, that were or could have been brought relating to the merger, the proxy, other merger-related disclosures, the alleged impairment of redemption rights, and ownership of Atlas Crest Class A stock as of the redemption deadline. The released parties include the named defendants, New Archer and Legacy Archer, and their directors, officers, affiliates, advisers and insurers. Until the court rules, proceedings other than those tied to the settlement are stayed. The release does not cover claims to enforce the settlement, and the settling defendants release claims against the plaintiffs and their lawyers tied to bringing and settling the case.

What About Stock Held Through a Broker?

Beneficial owners who held shares through a brokerage or nominee are class members and file the claim themselves using their own account records. Brokers and nominees that held stock for others as of September 10, 2021 must send the notice package to those owners, or give the administrator their names and addresses, within seven days of receiving the notice.

Frequently Asked Questions

Is the Atlas Crest, Archer Aviation $15 million settlement real? 

Yes. The case is In re Archer Aviation Inc. Stockholder Litigation, Consol. C.A. No. 2024-0527-LWW, in the Delaware Court of Chancery. Final approval is pending.

Who qualifies for a payment?

 Holders of Atlas Crest Class A common stock as of September 10, 2021 who did not redeem all or some of their shares and who file a valid Proof of Claim. Payment applies only to shares not redeemed.

Do I need to own Archer stock today?

 No. Current ownership is not the test.

What is the claim deadline? 

January 4, 2027, online or received by mail.

Do I need documents to file?

 Yes. Brokerage records showing your September 10, 2021 holdings, later purchases and sales through May 16, 2024, and holdings on May 16, 2024.

How much will I receive?

 There is no estimate. It depends on your Total Loss compared with all claimants’ and on the amount left after fees and costs. Payments under $10.00 are not issued.

What if I sold my shares?

 You may still qualify if you held eligible shares after the redemption deadline and did not redeem them. Report every transaction.

Can I opt out?

 No. You can object by November 17, 2026.

Do I have to go to the hearing?

 No. Confirm the date and any remote-access details on the settlement website.

Has anyone admitted wrongdoing? 

No. The defendants deny the allegations and settled to avoid cost and uncertainty.

Who are the plaintiffs’ lawyers?

 Grant & Eisenhofer P.A., Robbins LLP and Robbins Geller Rudman & Dowd LLP serve as co-lead counsel, with Levi & Korsinsky, LLP as additional counsel. Court-approved fees come from the settlement fund.

When will payments arrive? 

No date is set. Payment depends on final approval, approval of the plan of allocation, the end of any appeals and claims processing.

Related Reading

• RBI, Carrols Merger $18.2M Stockholder Class Action Settlement, No Claim Form Needed, Objections Due November 9, 2026
• $25M M.D.C. Holdings Stockholder Settlement, Did You Own MDC Shares in April 2024? Here Is How You Get Paid
• $83.75M TerraForm Power Stockholder Settlement, Did You Own TERP Shares When Brookfield Took Over? Your Payment Is Coming Automatically

Sources

1. Official Atlas Crest Stockholder Litigation website, administered by JND Legal Administration. https://atlascreststockholderlitigation.com/
2. Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (dated October 2, 2026). https://assets-us-01.kc-usercontent.com/1eeb16db-4934-006e-40a6-38fa91285ebb/2ff7c4e5-3798-4fcc-8921-77dc69bbb071/AAN%20-%20Notice%20Final%209-16.pdf
3. Proof of Claim and Release Form. https://assets-us-01.kc-usercontent.com/1eeb16db-4934-006e-40a6-38fa91285ebb/2a199389-b0ef-4117-bfe9-4fbcf331d131/AAN%20-%20Proof%20of%20Claim%20Final%209-16.pdf
4. Stipulation and Agreement of Settlement, Compromise, and Release (August 10, 2026). https://assets-us-01.kc-usercontent.com/1eeb16db-4934-006e-40a6-38fa91285ebb/bbd5fcd3-9487-4664-bfee-b7bdf65b2604/AAN%20128%20Stipulation%20and%20Agreement%20of%20Settlement%2C%20Compromise%2C%20and%20Release.pdf
5. Important Documents page. https://atlascreststockholderlitigation.com/documents
6. File a Claim page. https://atlascreststockholderlitigation.com/claim
7. In re MultiPlan Corp. Stockholders Litigation, 268 A.3d 784 (Del. Ch. 2022); Sugarland Industries, Inc. v. Thomas, 420 A.2d 142 (Del. 1980).
8. 8 Del. C. § 102(b)(7); 10 Del. C. § 8106; Del. Ct. Ch. R. 23; Securities Exchange Act of 1934 § 14(a) and Rule 14a-9.

Editorial note: This settlement is proposed and remains subject to final court approval. Always confirm deadlines and instructions on the official settlement website or in your notice. This article is not affiliated with the settlement administrator, class counsel or any defendant. It is general legal information, not legal or investment advice, and the author is a legal content researcher, not a practicing attorney. If you have questions about your rights, speak with a licensed attorney.