FIS to Pay $210M to Settle Investor Lawsuit Over Worldpay Deal
Fidelity National Information Services (FIS) has agreed to pay $210 million to resolve an investor lawsuit tied to its 2019 acquisition of Worldpay, according to representatives for the plaintiffs. The settlement, reached on December 17, remains subject to court approval.
The agreement is expected to deliver approximately $0.42 per affected share, though net payouts may average closer to $0.32 after legal fees, expenses, and interest.
FIS and its current and former executives—including CEO Stephanie Ferris and former CEO Gary Norcross—deny any wrongdoing. The company maintains that it made no false statements, violated no laws, and caused no investor losses, as stated in the settlement filing.
Investors alleged that FIS misrepresented the strategic and financial outlook of the $35 billion Worldpay acquisition, inflating share prices before a series of disclosures led to a sharp decline. FIS stock fell roughly 36%, dropping from over $104 in August 2022 to $66 by February 2023, according to court documents.
The Worldpay deal, completed under Norcross, was pitched as a scale-driven move to create a payments and banking powerhouse. However, under Ferris’s leadership, FIS later concluded that Worldpay was not a strategic fit. In 2023, FIS sold a majority stake in Worldpay to GTCR for $11.7 billion, valuing the business at $17.5 billion.
The reshuffling continued. Worldpay was sold again this year—this time by FIS and GTCR—to Global Payments for $24.25 billion, marking the latest chapter in one of fintech’s most high-profile M&A reversals.
The lawsuit was brought by institutional investors including the Nebraska Investment Council and North Carolina retirement funds, covering shareholders who held FIS stock between May 2020 and February 2023. FIS declined to comment on the settlement.
