Funko $5.4M Settlement Aims to End Up-C “Double Dip” Fight
America ı By Rachel Moore
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Mediation Yields the Funko $5.4M Settlement
After months of discovery — including the exchange of more than 26,000 documents — the parties turned to mediation. They met before Phillips ADR Enterprises mediator David M. Murphy.
At an Oct. 21, 2025 session, Murphy recommended resolving the remaining claims for $5.4 million, contingent on additional data concerning tax distributions received after May 2022.
Under the agreement, defendants must deposit the $5.4 million into escrow within 30 days of court approval of a scheduling order and receipt of wiring instructions. The fund, plus accrued interest, will cover notice and administrative expenses, any court-approved attorneys’ fees and costs, with the remainder distributed pro rata to eligible Class A shareholders who held stock between Nov. 2, 2017, and Oct. 21, 2025.
Plaintiff’s counsel plans to request up to 17.5% of the settlement — about $945,000 — in attorneys’ fees, along with up to $120,000 in litigation expenses, subject to judicial approval.
Separately, the parties agreed that Funko or its insurers will pay $3 million to resolve a previously denied interim fee application connected to the 2022 recapitalization.
Court Approval Still Required
The proposed Funko $5.4M settlement remains subject to approval by the Court of Chancery. The court must certify a non-opt-out class and determine that the agreement is fair, reasonable and adequate.
For now, both sides stand by their positions. The defendants continue to deny liability, and representatives for the parties did not immediately respond to requests for comment Thursday.
What began as a dispute over corporate plumbing — the hidden pipes of an Up-C structure — has flowed into a multimillion-dollar accord. Whether the court signs off will determine if this chapter closes quietly or echoes through future shareholder battles.
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