MoneyLion $12.75 Million Stockholder Settlement

Stockholders who held Fusion Acquisition Corp. Class A Common Stock as of Sept. 17, 2021, and chose not to redeem all or some of their shares may qualify to claim a cash payment from a class action settlement.

Fusion Sponsor LLC, Broadhaven Capital Partners LLC, John James, Jeffrey Gary, Jim Ross, Kelly Driscoll, Ben Buettell and Diwakar Choubey agreed to pay $12,750,000 to resolve a class action lawsuit alleging breach of fiduciary duty, aiding and abetting and unjust enrichment in connection with the merger between Fusion Acquisition Corp. and MoneyLion Inc.

Who can file a MoneyLion claim claim?

Class members must meet all of the following criteria:

• They were a record or beneficial holder of Fusion Acquisition Corp. Class A Common Stock as of the close of business on Sept. 17, 2021.
• They elected not to redeem all or some of their shares in connection with the merger between FAC and MoneyLion.

Eligibility extends to heirs, successors-in-interest, transferees and assigns.

How much is the securities payout?

Pro Rata Payment: The amount each class member receives will depend on the number of eligible shares they held and the total number of valid claims submitted.

How to claim a MoneyLion class action rebate

To receive compensation, class members must file a claim online or download, print and complete the PDF claim form to mail to the settlement administrator. The deadline to submit a claim is Sept. 2, 2025.

Settlement administrator's mailing address: MoneyLion Stockholder Settlement c/o A.B. Data Ltd., P.O. Box 173115, Milwaukee, WI 53217

Required proof and documentation

Claimants must provide the last four digits of their Social Security number or taxpayer identification number.

Claimants must also provide documentation to support their claim, including:

• Proof of holdings of FAC Class A Common Stock as of the close of trading on Sept. 17, 2021
• Proof of any purchases, sales or redemptions of FAC Class A or MoneyLion Common Stock from Sept. 18, 2021, through March 28, 2024
• Proof of holdings of MoneyLion Common Stock as of March 28, 2024 (if applicable)

Acceptable forms of documentation include stockbroker confirmation slips, account statements or other documents evidencing transactions and holdings.

Payout options

Class members can receive payment via:

• Electronic payment (online claims only)
• Paper check to provided address

$12.75 million MoneyLion stockholder settlement fund

The $12,750,000 settlement fund covers:

• Settlement administration costs: Up to $750,000
• Attorneys' fees and expenses: To be determined
• Service awards to class representatives: Up to $5,000 per named plaintiff
• Payments to eligible class members: The remainder of the settlement fund

Important dates

• Final Fairness Hearing: July 24, 2025
• Claim Deadline: Sept. 2, 2025

When is the securities settlement payout date?

Payments to eligible class members will be made after all claims are processed and the court issues a final approval order.

Why is there a class action settlement?

The class action lawsuit alleged the defendants breached fiduciary duties, aided and abetted those breaches and were unjustly enriched by the merger between Fusion Acquisition Corp. and MoneyLion Inc. The plaintiffs claimed the merger and related disclosures harmed stockholders who did not redeem their shares.

The defendants denied any wrongdoing but agreed to settle to avoid the expense and uncertainty of further litigation.

Sources

1. Settlement Notice
2. Settlement Agreement