# EDGAR Filing Document

**Accession Number:** 0001802450
**File Stem:** 0000950170-25-095721
**Filing Date:** 2025-7
**Character Count:** 15043
**Document Hash:** 55d9a121ee240f4ac6c84930c1fae6dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-095721.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0000950170-25-095721

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250715

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MSP Recovery, Inc.
- **CENTRAL INDEX KEY:** 0001802450
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 844117825
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39445
- **FILM NUMBER:** 251123267

**BUSINESS ADDRESS:**
- **STREET 1:** 3150 SW 38TH AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33146
- **BUSINESS PHONE:** 305.614.2222

**MAIL ADDRESS:**
- **STREET 1:** 3150 SW 38TH AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33146

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lionheart Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20200724

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Lionheart Acquisition Corp.
- **DATE OF NAME CHANGE:** 20200205

?xml version='1.0' encoding='ASCII'? 8-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported):** **July 15, 2025**

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MSP Recovery, Inc.

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| Delaware<br>**(State or other jurisdiction<br>of incorporation)** | 001-39445<br>**(Commission<br>File Number)** | 84-4117825<br>**(I.R.S. Employer<br>Identification No.)** |
| 3150 SW 38th Avenue<br>Suite 1100<br>Miami**,** Florida | 3150 SW 38th Avenue<br>Suite 1100<br>Miami**,** Florida | 33146 |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

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(305) 614-2222

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| Class A Common stock, $0.0001 par value per share | MSPR | Nasdaq Capital Market |
| Redeemable warrants, each lot of 625 warrants exercisable for one share of Class A common stock at an exercise price of $7,187.50 per share | MSPRW | Nasdaq Capital Market |
| Redeemable warrants, each lot of 625 warrants exercisable for one share of Class A common stock at an exercise price of $0.0625 per share | MSPRZ | Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01 Other Events.**

On July 15, 2025, MSP Recovery, Inc. (the "Company") issued a press release announcing that the Supreme Court of Maryland issued a favorable substantive ruling, resolving a certified legal question from the U.S. District Court for the District of Maryland, related to whether certain assignments underlying two pending litigation matters involving the Company constitute champerty under Maryland law. The Maryland Supreme Court held that the assignments at issue are not champertous, allowing the Company's claims to proceed in the litigation. A copy of the press release is attached hereto as Exhibit 99.1.

Litigation outcomes remain inherently uncertain, and this ruling does not guarantee any specific result or financial outcome in the litigation matters referenced.

*<u>Forward Looking Statements</u>*

Certain statements made herein are not historical facts but may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended, and the "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "agree," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events, the proposed restructuring transaction, including the likelihood and ability of the parties to successfully consummate the restructuring, and other statements that are not historical facts.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Exhibits*

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit**<br>**Number** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[<u>Press Release dated July 15, 2025</u>](mspr-ex99_1.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **MSP RECOVERY, INC.** | **MSP RECOVERY, INC.** |
| Dated: July 15, 2025 |  |  |
|  | By: | /s/ *Alexandra Plasencia* |
|  | Name: | Alexandra Plasencia |
|  | Title: | General Counsel |

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## Exhibit 99.1

***Exhibit 99.1***

**Maryland Supreme Court Affirms MSP Recovery's Assignments, Paving the Way for Class Action Lawsuit Against GEICO** 

MIAMI, FL – July 15, 2025 – MSP Recovery, Inc. (NASDAQ: MSPR) ("MSP Recovery" or the "Company"), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, announces a major legal victory before the Supreme Court of Maryland.<sup>i</sup>

The Court – the highest in the State of Maryland – upheld the validity of MSP Recovery's claim assignments from Medicare Advantage Organizations (MAOs), rejecting arguments that the Company's assignment model violated Maryland public policy. The ruling enables MSP Recovery to proceed with its long-standing federal class action lawsuit against Government Employees Insurance Company (GEICO), one of the largest auto liability insurers in the nation.

The case stems from two consolidated federal class actions filed in the U.S. District Court for the District of Maryland, where MSP Recovery, acting through its affiliates, seeks to recover thousands of conditional payments made by MAOs for medical expenses that GEICO was legally obligated to reimburse as the primary payer under the Medicare Secondary Payer (MSP) Act. After the federal court rejected GEICO's standing challenge and denied GEICO's motion for summary judgment, it certified a legal question to the Maryland Supreme Court regarding whether MSP's assignments were void under Maryland's public policy.

In a resounding and unanimous decision, the Maryland Supreme Court held that the assignments were valid and enforceable. The Court rejected GEICO's reliance on centuries-old doctrines of champerty, maintenance, and barratry, affirming that such concepts have no modern application under Maryland law. In doing so, the Court upheld the right of MAOs to assign reimbursement claims to entities like MSP Recovery for enforcement and recovery.

"This ruling from Maryland's highest court is a landmark affirmation of our model and mission," said John H. Ruiz, Founder and CEO of MSP Recovery. "For years, insurers like GEICO have refused to comply with federal law by failing to reimburse Medicare Advantage plans, shifting the burden to taxpayers and Medicare itself. This decision clears a major hurdle and allows our case to proceed toward full class action certification and, ultimately, trial."

The class action, which remains pending, seeks to hold GEICO accountable for systematically failing to reimburse Medicare Advantage Organizations (MAOs) for injury-related medical claims, despite being legally obligated to do so under federal law. As outlined in MSP Recovery's filings, including its brief to the Maryland Supreme Court and its pending motion for class certification, the Court directed the parties to conduct a court-supervised data-matching process to identify instances of non-reimbursement. In response, MSP conducted a comprehensive data matching analysis using GEICO's first- and third-party claims data spanning from March 2011 to July 2019. The multi-step

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***Exhibit 99.1***

matching protocol relied on unique identifiers—such as Social Security numbers and dates of injury—to compare MAO paid medical claims against GEICO's bodily injury settlements. This process revealed a substantial number of matches where GEICO had resolved claims but failed to reimburse the corresponding payments made by MAOs. MSP asserts that these findings, reviewed by third-party experts and conducted under rigorous methodological standards, support their contention that GEICO's failures were not isolated incidents, but indicative of a broader, systemic pattern of non-compliance with the Medicare Secondary Payer Act. Notably, and as previously announced by the Company, MSP has had a substantial number of additional claims assigned to it since the data matching.

GEICO responded by, among other things, challenging the enforceability of MSP Recovery's assignments—an argument now rejected by Maryland's highest court. This Maryland Supreme Court ruling not only preserves MSP Recovery's ability to pursue recovery for its healthcare clients in Maryland but also reinforces the broader legality of its nationwide assignment-based recovery strategy. As GEICO and other major insurers face mounting exposure for years of non-compliance, the ruling is expected to have implications for related litigation across multiple jurisdictions.

"The Medicare Secondary Payer Act was designed to ensure that primary insurers—not taxpayers—shoulder the cost of healthcare for covered injuries," Ruiz continued. "Today's decision sends a strong message that legal tactics aimed at avoiding reimbursement obligations will not be tolerated."

MSP Recovery's Chief Legal Officer, Frank C. Quesada, added, "This underscores MSP Recovery's commitment to protecting public healthcare funds and holding primary payers accountable, reimbursing Medicare Advantage Organizations for conditional payments they never should have had to make."

**About MSP Recovery** 

Founded in 2014, MSP Recovery has become a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries from responsible parties. MSP Recovery innovates technologies and provides comprehensive solutions for multiple industries including healthcare and legal. For more information, visit: msprecovery.com.

**Forward Looking Statements** 

This release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these

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***Exhibit 99.1***

statements are not guarantees of future performance or results and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by MSP Recovery herein speaks only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict or identify all such events or how they may affect it. MSP Recovery has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, the Company's ability to capitalize on its assignment agreements and recover monies that were paid by the assignors; the inability of MSP Recovery to obtain financing and generate revenues sufficient to cover the cost of operations; the inherent uncertainty surrounding settlement negotiations and/or litigation, including with respect to both the amount and timing of any such results; the validity of the assignments of claims to MSP Recovery; the ability to successfully expand the scope of the Company's claims or obtain new data and claims from the Company's existing assignor base or otherwise; the Company's ability to innovate and develop new solutions, and whether those solutions will be adopted by the Company's existing and potential assignors; negative publicity concerning healthcare data analytics and payment accuracy; and those additional factors included in MSP Recovery's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by it with the Securities and Exchange Commission. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

For Media Inquiries:

media@msprecovery.com

For Investor Inquiries:

investors@msprecovery.com

<sup>i</sup> *Government Employees Insurance Co. v. MAO*-*MSO Recovery II, LLC*, *et al.*, No. 3m/24, slip op. (Md. July

11, 2025).

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