In re XL Fleet Corp. Securities Litigation

Background

The court reviewed the materials supporting the plaintiffs’ unopposed motion for a class distribution order, including declarations describing the claims-administration process and proposed distribution plan. The order incorporated the definitions in the parties’ December 6, 2023, settlement agreement and stated that the court had jurisdiction over the action, its parties, and settlement-class members.

Rulings

The court approved the claims administrator’s determinations accepting the claims listed in Exhibits E and F to the supporting declaration and rejecting the claims listed in Exhibit G. It also ordered that claims and responses to deficiency or rejection letters received after June 27, 2025, could not be included in the distribution.

The court authorized payment of $38,674.44 from the settlement fund to the claims administrator for the balance of fees and expenses incurred or to be incurred in connection with the initial distribution. It approved the distribution plan for the net settlement fund and directed that the balance be distributed to authorized claimants. Distribution checks must be deposited within 120 days or they will be void and subject to redistribution; claimants who do not negotiate their checks within the required period forfeit their recovery under the settlement.

The claims administrator must make reasonable and diligent efforts to have authorized claimants cash their checks. If money remains nine months after the initial distribution, Lead Counsel may authorize a redistribution if it is cost-effective and each qualifying claimant would receive at least $10. Further distributions may be approved under similar conditions. When no additional distribution is cost-effective, the remaining funds will be donated to the Public Justice Foundation.

The order released and discharged persons involved in reviewing, verifying, calculating, tabulating, processing, administering, or taxing the claims and settlement funds from claims arising from that involvement, if they acted consistently with the settlement agreement, judgment, and order. It also barred further claims against the settlement fund and specified related participants beyond the amounts allocated under the order. Finally, it authorized destruction of paper claims and supporting documents on a schedule tied to the initial or second distribution, and destruction of electronic records one year after all funds are distributed.

Effect

This is a procedural order implementing the distribution of an already-approved securities settlement. It determines how claims will be processed and paid but does not decide the underlying securities-law claims. The order was entered by the court on September 4, 2025; the opinion’s signature does not provide a readable judge’s name.