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Clover Health Investments (NASDAQ:CLOV) said it has agreed to settle derivative litigation stemming from its de-SPAC transaction in 2021.
Clover said that it has reached an agreement in principle to resolve seven derivative lawsuits filed in Delaware, New York and Tennessee. The proposed settlement does not contain any admission of wrongdoing or liability by the defendants, nor does it include any monetary payments above fees and expenses for plaintiffs’ counsel.
The company said that along with the settlement of a securities class action suit in April, Clover has now reached settlements for all of the outstanding civil litigation that was filed following its de-SPAC transaction.
Clover went public in January 2021 through a merger with SPAC Social Capital Hedosophia Holdings Corp. III that was valued at around $3.7B.