Emilie Ruscoe
February 23, 2026
Fidelity National Investors Get Initial OK For $210M Deal
2 min
AI-made summary
- • A Florida federal judge granted preliminary approval to a $210 million settlement in a securities class action against Fidelity National Information Services (FIS). • Investors alleged FIS misrepresented the business prospects of its $48 billion acquisition of payment processor Worldpay, leading to financial losses. • The settlement, if finalized, would resolve claims that FIS engaged in a fraudulent scheme to prop up Worldpay's value despite integration struggles and customer losses. • FIS continues to deny any wrongdoing, and the settlement follows the court's earlier decision allowing the claims to proceed past a dismissal bid.
Investors in fintech Fidelity National Information Services have gotten an initial green light for their $210 million deal to settle allegations the company mischaracterized the business prospects of its multibillion-dollar acquisition of payment processor Worldpay.
In a Wednesday order in Florida federal court, U.S. District Judge Timothy J. Corrigan granted preliminary approval to the proposed settlement agreement, finding that based on his review of the deal, "the court will likely be able to approve the proposed Settlement as fair, reasonable, and adequate" and certify the class following a settlement hearing.
Co-lead plaintiffs the Nebraska Investment Council, North Carolina Retirement System and North Carolina Supplemental Retirement Plans sought approval of the deal in December, touting the agreement as "an excellent result" that merited preliminary approval.
"Although lead plaintiffs and lead counsel believe that the claims asserted are strong, they recognize the significant challenges and risks they would face moving forward, as well as the expense and length of continued litigation through summary judgment motions, trial, and likely appeals," the investors wrote in December.
Under "realistic scenarios" that could potentially play out in the case, the investors said, the settlement sum represents 2.6% to 11.7% of their estimated recoverable damages and is thus "in line with other court-approved securities settlements."
"Additionally, the $210 million settlement is fifteen times greater than the median reported recovery in securities class actions in 2024, which was $14 million," the investors said in their December motion.
If granted final approval, the deal would end claims over the $48 billion Worldpay acquisition and an alleged subsequent "fraudulent scheme to prop up the value of Worldpay following the acquisition despite knowing it was an abject failure."
Though FIS said the acquisition would deliver synergies and additional revenues, the suit alleges, FIS ultimately lost customers and market share as it struggled to integrate Worldpay.
The suit references three alleged corrective disclosures of negative financial results tied to Worldpay that precipitated trading price declines for FIS shares.
The final trading price decline came in February 2023, when FIS said it would spin off Worldpay, taking a $17.6 billion writedown on its value, the suit states.
The settlement agreement comes after the claims survived a dismissal bid, and per the agreement FIS continues to deny wrongdoing in connection with the claims.
The lead plaintiffs are represented by Michael P. Canty, James T. Christie and Nicholas D. Manningham of Labaton Keller Sucharow LLP and John A. Boudet of GrayRobinson PA.
FIS is represented by Hille R. Sheppard, John M. Skakun III, Caroline A. Wong, Takayuki Ono and Ian M. Ross of Sidley Austin LLP and R. Eric Bilik of McGuireWoods LLP.
The case is In re: Fidelity National Information Services, Inc. Securities Litigation, case number 3:23-cv-00252, in the U.S. District Court for the Middle District of Florida.
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Emilie Ruscoe
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