Entwistle & Cappucci LLP Announces Settlement of Customer Property Dispute with the FTX Debtors
Retrieved on:
Tuesday, October 17, 2023
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Entwistle & Cappucci LLP today announced the settlement of that portion of its Customer Class Action that raised Customer property claims against FTX Trading Ltd. (d.b.a.
Key Points:
- Entwistle & Cappucci LLP today announced the settlement of that portion of its Customer Class Action that raised Customer property claims against FTX Trading Ltd. (d.b.a.
- FTX.com), and its affiliated debtors (together, the “FTX Debtors”), as part of the proposed settlement of Customer property disputes in the pending FTX chapter 11 cases (the “Customer Shortfall Settlement”).
- The Customer Shortfall Settlement resolves, among other things, Customer property litigation filed against the FTX Debtors by Entwistle & Cappucci LLP as part of a broader adversary Customer Class Action filed in the Bankruptcy Court against the Debtors and various individual defendants, including Sam Bankman-Fried and other insiders.
- The Customer Shortfall Settlement resolves the dispute by providing Customers a claim against the FTX Debtors that, although unsecured, has an equitable priority to certain property segregated at or taken from the exchanges.