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As previously disclosed, on August 10, 2023, MSP Recovery, LLC (the "MSP Recovery"), a subsidiary of MSP Recovery, Inc. (the "Company") sued Cano Health, LLC ("Cano") in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida for declaratory relief and anticipatory breach of the Cano CCRA, Cano Purchase Agreement, and a Service Agreement (collectively, the "Cano Agreements") between the parties, and on the same day, Cano sued the Company, certain Company subsidiaries, and John H. Ruiz in the same court, alleging fraud in the inducement, breach of contract, tortious interference, and unjust enrichment relating to the Cano Agreements (collectively, the "Cano Litigation").
On September 8, 2025, the MSP Recovery and Cano (each a "Party," and collectively, the "Parties") executed a written settlement agreement (the "Settlement Agreement") that fully and finally resolved all matters in dispute in the Cano Litigation. On September 9, 2025, the Parties stipulated to the dismissal with prejudice of all claims, counterclaims, and causes of action asserted, or that could have been asserted, in the Cano Litigation. The dismissals were entered without any admission of liability, wrongdoing, or concession by any Party. In connection with and as part of the Settlement Agreement, each Party expressly retracted and withdrew any prior statements, allegations, or characterizations made about any other Party in the Cano Litigation or otherwise in connection with therewith.
The Settlement Agreement is not filed as an exhibit pursuant to Item 601(b)(10)(ii) of Regulation S-K, as the Company has determined it is not material to investors beyond the disclosure provided herein. The Company does not expect the parties' dismissal of the Cano Litigation to have a material impact on its financial condition or results of operations.
The Company previously disclosed risks associated with the Cano Litigation in its Annual Report on Form 10‑K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on April 16, 2025, which are eliminated as a result of the Cano Litigation settlement and dismissal of the lawsuits with prejudice.
Posted In: MSPR
