Genesis Global Holdco and the New York Attorney General's Office reached a settlement, according to recent court documents.
Bankrupt crypto firm Genesis Global Holdco and the New York Attorney General's Office have reached a settlement after the firm was sued last year for defrauding New Yorkers of more than $1 billion.
"After months of hard-fought negotiation, the Debtors and NYAG have reached a resolution of the NY Action," Genesis said in a court filing. The settlement agreement on Thursday will allow the debtors to avoid "extensive litigation costs" and allows them to focus on making the most of recoveries for creditors, they said. The NYAG has also "has agreed to receive payment under the Settlement Agreement if and only if all general unsecured creditors of the Debtors are made whole," according to the court filing.
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