Kensington SPAC Settlement: Who Qualifies, Payouts, and Filing

The Kensington SPAC settlement is an $8.75 million class action resolution for investors who held Kensington Capital Acquisition Corp. Class A common stock at the November 23, 2020 redemption deadline and did not redeem their shares before the company’s merger with QuantumScape closed. If that describes you, the deadline to submit a claim is August 7, 2025, through the administrator at www.KensingtonSPACSettlement.com.¹

Who Qualifies as a Class Member

The class covers anyone who held Kensington Class A common stock as of the redemption deadline, 4:30 p.m. ET on November 23, 2020, and who was entitled to redeem those shares but chose not to. Heirs, successors, and assigns of eligible holders also qualify.²

Excluded from the class are the eight individual defendants (Jagdeep Singh, Fritz Prinz, Justin Mirro, Robert Remenar, Thomas LaSorda, Anders Pettersson, Mitchell Quain, and Donald Runkle), Kensington Capital Partners, LLC, and specified Legacy QuantumScape directors.²

One boundary to note: this Delaware settlement is separate from the federal securities class action against QuantumScape itself, which resolved for $47.5 million in January 2025 and covered a different set of investors and claims.³ Qualifying for one case does not mean you qualify for the other.

What You Can Recover

The $8.75 million cash fund sits in an interest-bearing escrow account. After taxes, administrative costs, and court-approved attorneys’ fees and a service award for the named plaintiff come out, the remainder — the Net Settlement Fund — is distributed pro rata to class members who file valid claims.²

What you receive depends on when you sold your shares. Two allocation categories apply:

Category A covers class members who sold their Kensington/QS shares before market close on March 2, 2023, at a price below $10.00. The recognized claim per share equals $10.00 minus the actual sale price, plus $0.10 in nominal damages.
Category B covers class members who still held their shares as of March 2, 2023, or sold on or after that date. The recognized claim is a flat $1.22 per share, calculated as $10.00 minus the $8.88 closing price on March 2, 2023, plus $0.10 in nominal damages.

These per-share figures are for allocation only. Your actual payout depends on how many valid claims are submitted against the fund. If your calculated distribution comes out below $10.00, no payment is issued. Any money left after distributions and re-distributions goes to the Delaware Combined Campaign for Justice.²

How to File a Claim

Claims must be submitted by August 7, 2025. You can file online through the settlement website or download a PDF Proof of Claim and Release form and mail it to the administrator.¹

The claims administrator is Gilardi & Co., operating through Verita Global. Contact information:

Website: www.KensingtonSPACSettlement.com
Phone: 1-866-891-0587
Email: info@KensingtonSPACSettlement.com
Mailing address: Kensington SPAC Settlement, Settlement Administrator, c/o Verita Global, P.O. Box 301170, Los Angeles, CA 90030-1170

More than 28,400 notice packages went out to potential class members. If you held eligible shares through a brokerage account, watch for a notice from your broker or the administrator; you may need transaction records showing your holdings on the November 23, 2020 redemption date and any subsequent sales.⁴

When Payments Will Be Issued

No payments go out until the Delaware Court of Chancery grants final approval and all claims are processed. That approval has not yet been issued in the record available. The fairness hearing was originally scheduled for July 11, 2025, but the process was delayed after at least one class member, Dr. Alfred Miller, filed an objection. Plaintiff’s counsel filed a reply brief on September 26, 2025, asking the court to overrule the objection, certify the class, and approve the settlement.⁴ The objection deadline for class members was September 19, 2025, and the deadline to object to attorneys’ fees was June 18, 2025.²

Filing a claim now preserves your right to recover if and when the court signs off. Failing to file by August 7, 2025, forfeits any share of the fund even if the settlement is later approved.

What the Lawsuit Alleged

The case, In re Kensington-QuantumScape De-SPAC Litigation, Case No. 2022-0721-JTL, was filed in the Delaware Court of Chancery by stockholder Sheadrick Richards. The complaint alleged that the Kensington board and its sponsor, Kensington Capital Partners, LLC, breached their fiduciary duties by issuing a proxy statement that contained materially misleading information in three areas: the due diligence Kensington’s board conducted on the target, the value of Legacy QuantumScape, and the capabilities of QuantumScape’s solid-state battery technology.⁵

The theory was that these disclosures deprived Kensington stockholders of the information they needed to make an informed choice about their redemption right, which would have let them cash out at roughly $10 per share of trust value rather than roll into the merged company. The merger closed on November 27, 2020, and the combined company began trading as QS on the New York Stock Exchange.⁶ The complaint sought damages or, alternatively, an equitable reopening of the redemption window. Robbins LLP served as co-lead counsel for the class.⁵ The defendants have denied wrongdoing; the settlement resolves the claims without an admission of liability.

1
ClaimDepot. Kensington SPAC Settlement
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Kensington SPAC Settlement. Notice of Pendency and Proposed Settlement of Class Action
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Levi & Korsinsky LLP. Final Approval of $47.5 Million Settlement Granted in In Re QuantumScape Securities Class Action
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DCRB SPAC Settlement. Plaintiffs Reply Brief
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Robbins LLP. QuantumScape Corporation Settlement
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PR Newswire. QuantumScape Corporation and Kensington Capital Acquisition Corp Announce Closing of Business Combination