Zillow Class Action Settlement: Class and Payout Status
Zillow agreed to pay $212.5 million to settle a securities class action over 2021 stock purchases. Who is in the class, what happens next, and why there is no claim form yet.
Zillow agreed to pay $212.5 million to settle a securities class action over Class A and Class C stock bought from August 5 through November 2, 2021. Zillow's Form 8-K identifies no claim form.
The Zillow class action settlement class covers purchases or acquisitions of Zillow Class A or Class C stock from August 5, 2021 through November 2, 2021, subject to alleged damages and the settlement's exclusions and exceptions. No per-share payout has been published, and as of October 29, 2026 no notice or claim form is identified in the Form 8-K. These terms come from Zillow's Form 8-K dated October 27, 2026, filed with the U.S. Securities and Exchange Commission (SEC).
The case is Jaeger v. Zillow Group, Inc., et al., Case No. 2:21-cv-01551-TSZ, in the U.S. District Court for the Western District of Washington. The amended complaint alleges that Zillow issued materially false and misleading statements about its Zillow Offers business, and Zillow denied the allegations. The settlement still needs court approval before any class member is paid.
Who Is in the Zillow Offers Settlement Class
The Zillow Offers settlement class includes all persons or entities who purchased or otherwise acquired Zillow Class A common stock or Class C capital stock from August 5, 2021 to November 2, 2021, inclusive. A member must also have been allegedly damaged by the purchase. The Form 8-K calls this window the Class Period. Both share classes count: Class A trades under the ticker ZG, and Class C trades under the ticker Z.
Two parts of the class definition are still open questions. Whether a given account's purchases meet the allegedly damaged requirement is unknown. The definition is also subject to "certain exclusions and exceptions," and the Form 8-K does not list them.
| Situation | Covered? | Note |
|---|---|---|
| Bought ZG or Z shares from August 5 to November 2, 2021 | Meets the purchase-date criterion only | The purchase must also have been allegedly damaged, and unlisted exclusions apply |
| Otherwise acquired ZG or Z shares in that same window | Meets the purchase-date criterion only | The definition covers shares "purchased or otherwise acquired" |
| Bought only from August 7, 2020 to August 4, 2021 | Outside the settlement class | The earlier complaints covered these dates, but the settlement class does not |
| Bought only after November 2, 2021 | Outside the settlement class | The Class Period ends on November 2, 2021 |
No Zillow settlement claim form is identified in the cited filings. As of October 29, 2026, the Form 8-K mentions no notice or claim form. The amount per share or per claimant, the plan of allocation and every deadline for claims, objections and exclusions are all unknown.
What Zillow Agreed to Pay
The Zillow class action settlement amount is $212.5 million in cash, which Zillow agreed to pay or cause to be paid into a settlement fund held in escrow. The payment is due within 20 business days after the court preliminarily approves the settlement. Approximately $48 million of the payment is expected to come from insurance proceeds, according to the Form 8-K and a Bloomberg Law summary.
| Item | Detail |
|---|---|
| Case | Jaeger v. Zillow Group, Inc., et al., Case No. 2:21-cv-01551-TSZ |
| Court | U.S. District Court for the Western District of Washington |
| Stipulation of settlement entered into | October 27, 2026 |
| Total settlement fund | $212.5 million in cash, held in escrow |
| Expected insurance share | Approximately $48 million |
| When Zillow pays into the fund | Within 20 business days after preliminary approval |
| What the fund pays | Notice and administration costs, court-approved attorneys' fees and expenses, and cash payments to eligible class members |
| Amount per share or per claimant | Not published |
| Admission of liability | None by any defendant |
The $212.5 million total covers more than class member payments. Notice costs, administration costs and court-approved plaintiffs' attorneys' fees and expenses come out of the same fund. The court has not set a fee award, so the amount left for eligible class members is unknown.
The settlement resolves all claims against all defendants in the consolidated securities class action. The agreement contains no admission of liability or wrongdoing by any of the defendants.
Zillow Class Action Settlement Timeline
The Zillow securities class action ran nearly five years, from the first complaint on November 16, 2021 to the stipulation of settlement on October 27, 2026. The litigation dates below come from Zillow's Form 10-Q for the quarter ended September 30, 2025. The settlement date comes from the Form 8-K.
| Date | Event |
|---|---|
| November 16, 2021 | Barua v. Zillow Group, Inc. et al. filed |
| November 19, 2021 | Silverberg v. Zillow Group, et al. filed |
| January 6, 2022 | Hillier v. Zillow Group, Inc. et al. filed |
| February 16, 2022 | The three cases consolidated |
| May 12, 2022 | Amended consolidated complaint filed |
| December 7, 2022 | Court granted Zillow's motion to dismiss in part and denied it in part |
| August 23, 2024 | Court granted class certification |
| October 24, 2024 | Ninth Circuit granted Zillow permission to appeal class certification |
| September 26, 2025 | Ninth Circuit affirmed class certification |
| October 24, 2025 | Zillow asked the Ninth Circuit to rehear its September 26, 2025 decision (en banc petition) |
| October 27, 2026 | Zillow entered into the stipulation of settlement |
| Not yet scheduled | Preliminary approval ruling, class notice, objection and exclusion deadlines, claim deadline and fairness hearing |
The filings cited here do not report a ruling on the October 2025 petition for rehearing. The court has not announced when it will rule on preliminary approval. Every date after October 27, 2026 depends on that ruling.
Why the Class Period Is Shorter Than the Original Complaint
The settlement class starts later than the class first alleged in the Zillow Offers class action. The 2021 and 2022 complaints sought to represent people who bought Zillow stock between August 7, 2020 and November 2, 2021. The settlement class in the Form 8-K starts on August 5, 2021.
Both windows end on November 2, 2021. The settlement window starts nearly one year after the original start date, so it covers about three months of purchases. The original complaints covered almost 15 months.
A buyer whose only Zillow purchases fell between August 7, 2020 and August 4, 2021 is outside this settlement class. For a buyer with purchases on both sides of August 5, 2021, only purchases or acquisitions made from August 5, 2021 to November 2, 2021 fall within the class definition's purchase-date criterion. The Form 10-Q and Form 8-K do not explain why the start date differs.
What Happens Before Anyone Is Paid
No class member receives money from the Zillow securities class action settlement until the court approves the deal and the settlement becomes effective. The Form 8-K lays out the sequence:
- The plaintiff files the settlement agreement and its exhibits with the court, along with a motion for preliminary approval.
- If the court grants preliminary approval, Zillow pays $212.5 million into escrow within 20 business days.
- Class members receive notice and an opportunity to object or request exclusion.
- The court holds a fairness hearing on final approval.
- If the court approves the settlement and enters a final order and judgment, the settlement can become effective.
- Distributions to eligible class members follow a plan of allocation approved by the court.
The settlement can also be terminated under certain circumstances. One listed circumstance allows the defendants to terminate if exclusion requests reach a confidential threshold of purchased shares. That threshold sits in a separate agreement between the parties and is not public.
Staying in the class carries a release. Once the settlement becomes effective, class members who did not validly request exclusion are bound by it. They release Zillow, the other defendants and certain related parties from claims that arise out of or relate to the allegations, or to buying or acquiring Zillow stock during the Class Period.
The cited Form 8-K summarizes the agreement without attaching the full terms. Zillow says it intends to file a copy as an exhibit to its Form 10-K for the fiscal year ending December 31, 2026. The settlement does not affect the related shareholder derivative actions, which all remain pending. For the general stages of this process, see how class action settlements work.
Steps to Take Before a Notice Is Issued
The main step available before any notice is issued is to gather records of Zillow Class A and Class C stock purchases from August 5 to November 2, 2021.
- Keep brokerage statements and trade confirmations showing the dates and share counts of every ZG or Z purchase in that window.
- Keep records of Zillow shares otherwise acquired in that window, since the class definition covers those too.
- Use only the official claim route given in the court-approved notice once it is issued.
- Speak with a licensed attorney about whether to stay in the class, object or request exclusion.
A class action settlement pays through a claims process after the court gives final approval. Each payout depends on the fund left after fees and costs and on how many valid claims are filed. The guide on how to claim settlement money covers that process, and the class actions hub has more on class actions.
The settlement class criteria cover purchases or acquisitions of Zillow Class A or Class C stock between August 5 and November 2, 2021. Alleged damages and certain exclusions and exceptions also apply. Trade records from that window are relevant to the purchase-date criterion. Zillow's Form 8-K identifies no claim form, and no per-share figure is published. Purchases outside that window are not covered by this settlement. Any payment depends on preliminary and final court approval and a court-approved plan of allocation, according to Zillow's October 2026 Form 8-K. The defendants can also end the deal if exclusion requests pass a confidential threshold. Keep your brokerage statements for that window ready for the court-approved notice in the Zillow class action settlement.
Frequently Asked Questions
How much is the Zillow class action settlement?
Zillow agreed to pay $212.5 million in cash into a settlement fund, with approximately $48 million expected to come from insurance proceeds. The fund also pays notice and administration costs and court-approved attorneys' fees and expenses. No per-share or per-claimant amount has been published.
Who is included in the Zillow class action settlement?
The class includes all persons or entities who purchased or otherwise acquired Zillow Class A common stock or Class C capital stock from August 5, 2021 through November 2, 2021, inclusive. A member must also have been allegedly damaged by the purchase. Certain exclusions and exceptions apply. Zillow's Form 8-K does not describe them.
How do I file a claim in the Zillow class action settlement?
No claim route is identified yet. As of October 29, 2026, Zillow's Form 8-K does not mention a notice or claim form. The official claim route will come from the court-approved notice.
When will Zillow class action settlement payments be made?
No payment date has been announced. Payments require preliminary approval, notice to the class, a fairness hearing, a final order and judgment, and the settlement becoming effective. Distributions then follow a plan of allocation approved by the court, and the timing of each step is unknown.
What is the average payout for a class action lawsuit?
There is no standard average payout for a class action lawsuit. Each payout depends on the size of the settlement fund after fees and costs and on how many valid claims are filed. For the Zillow settlement, neither the fee award nor the number of claims is known.
Does the Zillow settlement mean Zillow did something wrong?
No. The settlement agreement contains no admission of liability or wrongdoing by any of the defendants. Zillow denied the allegations in the class action.
Are the Zillow shareholder derivative lawsuits settled too?
No. The settlement does not affect the claims in the related shareholder derivative actions. All of those actions remain pending, according to Zillow's October 27, 2026 Form 8-K.
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