Marqeta $13 Million Securities Class Action Settlement, Who Can Claim and the December 31, 2026 Deadline

If you bought Marqeta (Nasdaq: MQ) stock or call options, or wrote put options on it, between February 28, 2024 and November 4, 2024, you may be able to claim money from a $13,000,000 securities settlement. A claim form is required, and the deadline is December 31, 2026. The court preliminarily approved the deal on September 3, 2026, and the final approval hearing is January 12, 2027.

Official settlement website: https://www.marqetasecuritiessettlement.com/ (file your claim online here) Claim form (PDF): https://www.marqetasecuritiessettlement.com/Content/Documents/Claim%20Form.pdf

The settlement resolves In re Marqeta, Inc. Securities Litigation, No. 4:24-cv-08874-YGR (N.D. Cal.). Investors accused Marqeta and two executives of misleading the market about how fast the company launched new programs and how strong its regulatory compliance was. Marqeta and the executives deny any wrongdoing.

What to expect: The average payout will be small. The court-authorized notice estimates about $0.14 per eligible security before fees and costs, and about $0.11 after. Your actual payment depends on when you bought, whether you held through a key date, and the plan of allocation.

Marqeta $13 Million Securities Settlement: Quick Facts

Item	Details
Company	Marqeta, Inc. (Nasdaq: MQ)
Case name	In re Marqeta, Inc. Securities Litigation
Case number	4:24-cv-08874-YGR
Court and judge	U.S. District Court, Northern District of California (Oakland); Hon. Yvonne Gonzalez Rogers
Settlement amount	$13,000,000 in cash
Class period	February 28, 2024 through November 4, 2024, inclusive
Securities covered	Marqeta Class A common stock, publicly traded call options (bought or acquired) and publicly traded put options (written)
Official settlement website	https://www.marqetasecuritiessettlement.com/
Claim form	Online at the settlement website, or PDF at https://www.marqetasecuritiessettlement.com/Content/Documents/Claim%20Form.pdf
Claim deadline	December 31, 2026 (submitted online, or received by mail)
Opt-out and objection deadline	December 22, 2026
Notice of intention to appear	January 5, 2027
Final approval hearing	January 12, 2027, 9:00 a.m. PT
Estimated average recovery	About $0.14 per security before fees and costs; about $0.11 after
Minimum payment	Distributions under $10 are not paid
Lead plaintiff	Tyler Hogge
Lead counsel	Glancy Prongay Wolke & Rotter LLP (Jason Krajcer, (310) 201-9150, [email protected])
Defendants	Marqeta, Inc.; Simon Khalaf (CEO); Michael Milotich (CFO)
Claims alleged	Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
Admission of liability	None. Defendants deny all wrongdoing.
Claims administrator	Epiq
Administrator phone and email	(877) 239-7087; [email protected]
Administrator mailing address	In Re Marqeta, Inc. Securities Litigation, c/o Epiq, P.O. Box 4620, Portland, OR 97208-4620
Status	Preliminarily approved September 3, 2026; final approval pending

Case number note: The court-issued notice, settlement agreement and preliminary approval order identify the case as No. 4:24-cv-08874-YGR. If you see a different reference elsewhere, rely on the court documents.

What the Marqeta Securities Lawsuit Alleges

Marqeta provides card-issuing and payment-processing infrastructure used by other businesses to build payment products. The lead plaintiff alleges that Marqeta and its executives made false or misleading statements about two things:

• Speed of operations: how quickly the company could launch new customer programs.
• Regulatory compliance: the strength of its compliance capabilities and its level of compliance spending.

He alleges the stock price was inflated as a result and fell when the truth came out. The notice says the corrective disclosures came after the market closed on November 4, 2024.

Marqeta, Khalaf and Milotich denied the claims throughout. In their motion to dismiss they argued that the statements were not false or misleading, that they were protected forward-looking statements, that the plaintiff had not pleaded the required state of mind, and that the executives’ own stock purchases during the period undercut any claim they meant to mislead anyone. The court never ruled on that motion because the parties settled while it was pending. The settlement is not an admission of liability.

Securities Laws Behind the Case

Section 10(b) and Rule 10b-5 (15 U.S.C. § 78j(b); 17 C.F.R. § 240.10b-5). These make it unlawful to make a material misstatement or omission in connection with buying or selling securities. A private investor must generally prove a material misrepresentation, a connection to a purchase or sale, scienter (intent or severe recklessness), reliance, economic loss and loss causation, meaning the misstatement actually caused the loss (Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005)).

Section 20(a) (15 U.S.C. § 78t(a)). This makes certain “control persons,” such as senior executives, liable along with the company if the company violated the law.

Fraud-on-the-market presumption. Investors in widely traded stocks can often presume they relied on the market price rather than prove each person read each statement (Basic Inc. v. Levinson, 485 U.S. 224 (1988); Halliburton Co. v. Erica P. John Fund, Inc., 573 U.S. 258 (2014)). This is what lets thousands of investors proceed as one class.

Private Securities Litigation Reform Act (PSLRA), 15 U.S.C. § 78u-4. The PSLRA sets the rules for securities class actions: the lead plaintiff process (how Tyler Hogge was appointed), heightened pleading standards requiring a strong inference of scienter (Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007)), and a 90-day lookback period for calculating damages (§ 78u-4(e)), which is why the plan of allocation uses a $3.84 average trading price. A related safe harbor protects many forward-looking statements (15 U.S.C. § 78u-5), which is the defense Marqeta raised.

Time limits (28 U.S.C. § 1658(b)). A securities fraud claim generally must be filed within two years of discovering the facts and no later than five years after the violation.

Federal Rule of Civil Procedure 23. Rule 23(b)(3) governs damages class actions and gives members the right to opt out. Rule 23(e) requires the court to find a class settlement fair, reasonable and adequate before final approval, and Rule 23(h) lets the court award attorneys’ fees. In the Ninth Circuit, a 25% fee is treated as a benchmark but courts can adjust it. Lead counsel’s request for up to 25% matches that benchmark, and the judge decides the actual amount.

Who Is Included in the Settlement Class?

You are in the class if you purchased or otherwise acquired Marqeta Class A common stock, bought call options on it, or wrote put options on it between February 28, 2024 and November 4, 2024, and were damaged as a result.

Excluded: Marqeta and the individual defendants; Marqeta officers and directors during the class period and their immediate families; Marqeta’s affiliates and insurers; Marqeta’s own employee retirement and benefit plans; and anyone who suffered no compensable loss.

Two details trip people up:

• Only public securities count. Marqeta securities acquired by exercising or converting non-publicly traded securities are not eligible.
• Retirement accounts. If you hold Marqeta through an ERISA plan, leave those holdings off your claim form and include only what you bought outside the plan.

Buying MQ stock during the class period does not guarantee a payment, and getting a postcard notice does not mean you are entitled to money. Both individuals and eligible entities, including institutions, can file.

How Much Will Investors Get?

Nobody can say yet. The $13 million does not all go to investors. It first pays:

Item	Treatment
Attorneys’ fees	Lead counsel will ask for no more than 25% of the fund (up to $3,250,000)
Litigation expenses	Up to $85,000, including up to $80,000 for litigation costs and up to $5,000 to reimburse the lead plaintiff
Notice and administration	Paid from the fund; final amount subject to approval
Taxes on the fund	Deducted as applicable
Investors	The remaining net settlement fund, split pro rata under the plan of allocation

Class members do not pay fees separately. The judge decides the actual awards.

What the $0.14 and $0.11 estimates mean

The notice gives an average estimated recovery of about $0.14 per eligible security before deductions and about $0.11 after fees, costs and expenses. It is an average across all eligible securities, built on the notice’s assumptions, including that eligible investors participate. It is not a per-share payment. Under the plan, many shares have a recognized loss of $0 (for example, shares sold on or before November 4, 2024) while others have a larger one. If fewer investors file claims, those who do may receive more, and if more file, less. As an illustration only, 1,000 eligible shares at the $0.11 average would be about $110, but your real figure could be higher or lower.

How payments are calculated

1. The administrator reviews your transactions and documents.
2. It calculates a recognized loss for each eligible security under the plan.
3. It adds them to get your Recognized Claim.
4. It compares that with all accepted claims and gives you a pro rata share of the net fund.
5. It drops any payment under $10 and redistributes that money among larger claims.

How the Plan of Allocation Works

The notice estimates the alleged artificial inflation at $2.67 per share across the class period. Your recognized loss on common stock depends on when you sold:

• You must have held through the close of trading on November 4, 2024. Shares bought during the class period and sold on or before that date have a recognized loss of $0.
• Shares sold November 5, 2024 through January 31, 2025: the least of $2.67, the purchase price minus the sale price, or the purchase price minus a 90-day lookback value listed in the notice.
• Shares still held at the close on January 31, 2025: the lesser of $2.67 or the purchase price minus $3.84, the average closing price in the lookback period.
• Paid less than the lookback value: your recognized loss on those shares can be zero.
• Came out ahead overall: your recognized claim is zero, and if your actual market loss was smaller than the formula result, the market loss caps it.
• Matching is first in, first out. Sales are matched to your oldest holdings first.

Options

For call options bought, the plan generally gives a recognized loss of zero if you did not hold the option at the close on November 4, 2024. For options still held, it compares the purchase price with the option’s intrinsic value using the specified November 5, 2024 stock price and the strike price. Written puts work the same way, using the open position and intrinsic value. Short sales, written calls and purchased puts carry a recognized loss of zero.

Claims for call options bought and put options written are limited to 1% of the net settlement fund, because options were about 1% of dollar trading volume in Marqeta securities during the class period. Options traders share a separate, capped portion, so options should not be assumed to pay like stock. Follow the official formula and give complete records.

How to File a Claim

1. Gather your records. Find broker statements or trade confirmations showing every Marqeta stock and option transaction in the class period, with dates, quantities and prices, plus holdings on the later key dates.
2. Check eligibility. Confirm you held through the November 4, 2024 close, and leave out ERISA plan holdings.
3. File online or by mail. Submit at https://www.marqetasecuritiessettlement.com/, or mail the form to Epiq at P.O. Box 4620, Portland, OR 97208-4620. You can also call (877) 239-7087 for a paper form.
4. Meet the deadline. The claim must be submitted online or received by mail by December 31, 2026. The notice does not treat a postmark alone as enough, so mail early.
5. Save a copy. Keep your confirmation or a copy of the full mailed claim in case the administrator asks for more information.

Filing is free. Do not pay a third party to submit your claim. If you are a broker or custodian who bought for others, you have 7 calendar days from receiving the administrator’s notice to forward it to beneficial owners or send their details to Epiq. Do not contact Marqeta, its lawyers or the court about the notice; direct questions to Epiq or lead counsel.

Your Options and Deadlines

Option	What it does	Deadline
Submit a claim	The only way to be eligible for payment. You give up the released claims.	December 31, 2026
Exclude yourself	No payment, but you keep any right to sue Marqeta separately over these claims. Must be in writing and list your trades.	Received by December 22, 2026
Object	Tell the court you oppose the settlement, the allocation plan or the fee request. You can ask the court to reject the deal but not rewrite it.	Filed by December 22, 2026
Speak at the hearing	File a notice of intention to appear after objecting.	January 5, 2027
Do nothing	You stay in the class, get no money and give up the released claims.	N/A

You do not have to attend the hearing to be paid. You may hire your own lawyer at your own expense, and that lawyer must file a notice of appearance. The release covers claims that were or could have been brought arising from the facts in the complaint and your Marqeta trades in the class period. It does not cover the separate shareholder derivative case, In re Marqeta, Inc. Derivative Litigation, No. 4:25-cv-01174-YGR. Because there is a right to opt out, doing nothing does not preserve your ability to sue later unless you exclude yourself in time.

How the Case Reached a $13 Million Settlement

Date	Event
December 9, 2024	First class action complaint filed (Wai v. Marqeta, Inc.)
December 10, 2024	Second, similar complaint filed (Ford v. Marqeta, Inc.)
March 11, 2025	Court consolidates the cases, appoints Tyler Hogge lead plaintiff and approves lead counsel
April 10, 2025	Amended complaint filed
May 15, 2025	Defendants move to dismiss
September 2, 2025	Parties ask to postpone the dismissal hearing to pursue mediation
November 3, 2025	Full-day mediation with Robert A. Meyer of JAMS ends with his $13 million recommendation, which both sides accept
December 3, 2025 to January 2, 2026	Defendants produce nearly 12,000 pages of documents
March 10, 2026	Lead counsel interviews a senior Marqeta employee
August 13, 2026	Amended settlement stipulation dated
September 3, 2026	Court preliminarily approves the settlement
October 2, 2026	Court-authorized notice dated
December 22, 2026	Opt-out and objection deadline
December 31, 2026	Claim deadline
January 12, 2027	Final approval hearing

When Will Payments Be Sent?

No date has been set. Payments start only after the court grants final approval, approves a plan of allocation, and any appeals are resolved or the time to appeal passes. The administrator must then process the claims. If money is left nine months after the first distribution, a second round may go out if it is cost-effective. Otherwise the balance goes to a court-approved nonprofit. Preliminary approval does not guarantee final approval or an exact payment date. The settlement avoids more motions, trial and appeals, but it is not a finding that the allegations are true. Settlement payments may be taxable, so ask a tax professional how to report yours.

Frequently Asked Questions

How much is the Marqeta securities settlement?

 $13,000,000 in cash. The notice estimates an average of about $0.14 per eligible security before deductions and $0.11 after.

Who can file a claim?

 Anyone who bought or acquired Marqeta Class A common stock or publicly traded call options, or wrote publicly traded put options, from February 28, 2024 through November 4, 2024, and was damaged. Excluded groups are listed in the notice.

Do I have to have held Marqeta stock through November 4, 2024?

 For a recognized loss, yes. Shares sold on or before November 4, 2024 get $0 under the plan.

Do I still need to own Marqeta stock today? 

No. The plan looks at your class-period purchases and holdings on the key dates, not current ownership.

What is the claim deadline? December 31, 2026, submitted online or received by mail.

Do I need proof of my purchases? 

Yes. The form requires transaction and holding information with supporting documents such as broker statements and trade confirmations.

Does the settlement cover options traders? 

Yes, certain publicly traded call options bought and put options written, but total option claims are capped at 1% of the net fund.

Do I need a lawyer? 

No. Lead counsel represents the class and you can file on your own.

Does Marqeta admit wrongdoing? 

No. Marqeta, Simon Khalaf and Michael Milotich deny the allegations, and the notice says the settlement is not an admission by anyone.

What if my payment would be under $10?

 You will not receive a payment, though you remain bound by the settlement.

Can I opt out?

 Yes. A written exclusion request must be received by December 22, 2026, and you will not be paid.

When is the final approval hearing?

 January 12, 2027 at 9:00 a.m. PT before Judge Yvonne Gonzalez Rogers in Oakland. The date or format can change, so check the website.

When will payments arrive?

 No date is set. Money goes out only after final approval, approval of the allocation plan and the end of any appeals.

What if I do nothing?

 You get no money, and unless you opt out you may still be bound by the release.

Bottom Line

The $13 million Marqeta settlement is open for claims until December 31, 2026. You qualify only if you traded Marqeta stock or options in the February 28 to November 4, 2024 window, and in most cases only if you held through the November 4 close. Expect a modest payment: the notice’s average is about 11 cents per eligible security after deductions. The court hears final approval on January 12, 2027, so nothing is paid before then.

Related Reading

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Sources and Primary Documents

1. Official Marqeta Securities Settlement website, administered by Epiq. https://www.marqetasecuritiessettlement.com/
2. Long Form Notice, In re Marqeta, Inc. Securities Litigation, No. 4:24-cv-08874-YGR (N.D. Cal.), dated October 2, 2026. https://www.marqetasecuritiessettlement.com/Content/Documents/Long%20Form%20Notice.pdf
3. Proof of Claim form. https://www.marqetasecuritiessettlement.com/Content/Documents/Claim%20Form.pdf
4. Stipulation and Agreement of Settlement. https://www.marqetasecuritiessettlement.com/Content/Documents/Stipulation%20and%20Agreement%20of%20Settlement.pdf
5. Preliminary Approval Order (September 3, 2026). https://www.marqetasecuritiessettlement.com/Content/Documents/Preliminary%20Approval%20Order.pdf
6. Settlement documents page. https://www.marqetasecuritiessettlement.com/Home/Documents
7. Marqeta SEC filing confirming the settlement in principle. https://www.sec.gov/Archives/edgar/data/1522540/000152254026000063/mq-20260630.htm
8. Securities Exchange Act of 1934 §§ 10(b) and 20(a), 15 U.S.C. §§ 78j(b), 78t(a); 17 C.F.R. § 240.10b-5; PSLRA, 15 U.S.C. §§ 78u-4, 78u-5; 28 U.S.C. § 1658(b); Fed. R. Civ. P. 23.
9. Dura Pharmaceuticals, Inc. v. Broudo, 544 U.S. 336 (2005); Basic Inc. v. Levinson, 485 U.S. 224 (1988); Halliburton Co. v. Erica P. John Fund, Inc., 573 U.S. 258 (2014); Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 308 (2007).

Editorial note: This settlement remains subject to final court approval, and no payment amount is guaranteed. Always confirm deadlines and instructions on the official settlement website or in your notice. This article is not affiliated with the 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. Consult a qualified attorney or financial professional about your situation.