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News

FTX and Genesis Seek Court Approval For Settlement Agreement

July 28, 2023 - Around 2 mins mins to read

Key Points:

  • FTX and Genesis have agreed to settle their Chapter 11 disputes, indicating a potential resolution to the contentious legal battle.
  • The next step is to seek approval from the bankruptcy court to formalize the deal.
  • The crypto community is eagerly anticipating the details of the agreement.
FTX and Genesis have taken a major step towards resolving their Chapter 11 disputes.
FTX and Genesis 1

Both organizations have reached an agreement in principle to settle the long-standing legal issues, as stated in a letter submitted to the bankruptcy judge on Thursday.

The legal representatives from FTX and Genesis conveyed their confidence that the disputes between the parties would be resolved amicably through this agreement. This proactive approach demonstrates a willingness to work collaboratively towards a mutually beneficial resolution.

The next step for FTX and Genesis is to seek approval from the bankruptcy court to formalize the settlement deal. As they move forward with the court application, the crypto community is keenly awaiting the details of the agreement.

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The letter to the bankruptcy judge did not include specific information about the settlement’s terms and conditions. As such, the exact nature of the resolution remains undisclosed. However, this announcement signals a positive direction for both FTX and Genesis, indicating a potential resolution to the contentious Chapter 11 cases.

FTX had filed a lawsuit against Genesis alleging that they were owed up to a staggering $3.9 billion. However, Genesis vehemently denied the claim and contested the amount owed. Subsequently, the claimed amount was reduced to a maximum of $2 billion as the legal proceedings unfolded.

FTX and Genesis move forward in seeking court approval for the settlement agreement, the crypto community anticipates greater clarity on the nature of the resolution and its potential impact on the companies involved.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Chapter 11 disputes

FTX

Genesis

Settlement Agreement

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.