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Cases & Investigations
MoneyLion Inc. Stockholder Litigation

Type: Resolved Cases

Case Number: Martel et al. v. Fusion Sponsor LLC et al., C.A., 2024-0329-NAC (Del. Ch.)

Defendant(s): FUSION SPONSOR LLC, JOHN JAMES, JEFFREY GARY, JIM ROSS, KELLY DRISCOLL, BEN BUETTELL, DIWAKAR CHOUBEY and BROADHAVEN CAPITAL PARTNERS, LLC

Stock Symbol: NYSE: ML

Warrant Symbol: NYSE: ML WS

Court: Delaware Chancery Court

Claim Deadline: 09/02/2025

Settlement Website: https://moneylionstockholdersettlement.com

Settlement Amount: $12,750,000

Wolf Popper LLP, along with other counsel, represented former stockholders of special purpose acquisition company Fusion Acquisition Corp., now renamed MoneyLion Inc. (NYSE: ML), in an action in the Delaware Court of Chancery arising from Fusion’s September 2021 “de-SPAC” merger with MoneyLion, a digital financial technology business.   Shares of MoneyLion plummeted following completion of the merger.
 
The class action complaint filed by Wolf Popper, which followed extensive investigation into MoneyLion’s and Fusion’s corporate books and records, alleged that Fusion’s directors and executive officers and its sponsor (the “Fusion defendants”) labored under conflicts of interest incentivizing them to merge with MoneyLion, even if value-destructive to Fusion’s public stockholders.  Plaintiffs asserted, among other things, that the Fusion defendants, aided and abetted by MoneyLion’s CEO and co-founder Diwakar (Dee) Choubey and MoneyLion’s financial advisor, Broadhaven Capital Partners, LLC, breached their fiduciary duties when disseminating a false and misleading proxy statement that discouraged Fusion stockholders from redeeming their shares.
 
On July 24, 2025, Vice Chancellor Nathan A. Cook of the Delaware Court of Chancery approved a $12,750,000 settlement resolving this litigation.   
 
Class members must submit a Proof of Claim and Release (available on the settlement website, https://moneylionstockholdersettlement.com/) by September 2, 2025, in order to maximize their recovery potential from the settlement.
 
Additional information, including the class definition, is available on the settlement website.
 
The now-resolved case is Martel et al. v. Fusion Sponsor LLC et al., case number 2024-0329-NAC, in the Delaware Court of Chancery.

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