Sort of -- the class was certified under Rule 23(b)(3) which is not mandatory, however it is opt-out rather than opt-in. The opt-out procedure is not particularly straightforward either. Class settlements have fallen apart do to opt-outs, but as far as I know, never in a case with such a large class.

There will be a hearing where a judge will have to approve the settlement, theoretically that is how the fundamental conflict of interest between class counsel and their nominal clients is assuaged, but in practice Federal District Court judges rarely reject settlements.