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Cases & Investigations
MoneyLion Inc. Stockholder Litigation

Type: Current 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, represents 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 follows extensive investigation into MoneyLion’s and Fusion’s corporate books and records, alleges 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 assert, 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.

The parties have reached a settlement which, if approved, would resolve litigation for $12,750,000.00.
 
The class contemplated in the settlement consists of holders of Fusion Class A Common Stock who held such stock as of September 17, 2021, and who elected not to redeem all or some of their stock, including their heirs, successors in-interest, transferees, and assigns, excluding certain parties affiliated with the defendants.
 
Vice Chancellor Nathan A. Cook has set a hearing for July 24, 2025, at 11:00 am at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware, 19801 to determine whether to approve the settlement.  Additional information regarding the proposed settlement may be found in the Notice of Pendency linked herein, and on the settlement website, https://moneylionstockholdersettlement.com/.
 
Class members must submit a Proof of Claim and Release (available on the settlement website) by September 2, 2025, in order to maximize their recovery potential from the settlement.
 
Additional information is available on the settlement website.
 
The case is Martel et al. v. Fusion Sponsor LLC et al., case number 2024-0329-NAC, in the Delaware Court of Chancery.

Contact Instructions
Phone: Adam J. Blander - 212-451-9667
Email: Outreach@wolfpopper.com

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