Gemini

Timon

Lean

April

Source: AdobeStock / Timon 
The beleaguered crypto lender Genesis and its parent company, Digital Currency Group (DCG), have reached a settlement that could end the protracted lawsuit aimed at recovering $620 million in repayments from DCG. 
<h2 id="dcg-commits-to-settling-324-5m-in-loans-by-april">DCG Commits to Settling $324.5M in Loans by April</h2> 
 According to a <a href="/Users/DELL/Downloads/a660ddee-623f-4f43-aac9-0117a5310bd6.pdf">filing made on November 28</a> to a New York Bankruptcy Court, Genesis outlined the terms of the agreement, revealing that DCG has committed to settling its outstanding $324.5 million in loans by April of the coming year. 
The settlement allows Genesis the option to pursue any unpaid amounts. 
This proposed settlement emerges as a strategic move by Genesis to bring a conclusion to a <a href="https://cryptonews.com/news/genesis-sues-parent-firm-dcg-over-600-million-loan-repayment.htm">lawsuit initiated against DCG</a> back in September. 
The legal action sought to compel DCG to repay loans that had become overdue, totaling around $620 million. While DCG has made partial payments since the initiation of the lawsuit, this comprehensive settlement is expected to offer Genesis immediate, substantial, and near-term benefits. 
More importantly, it is anticipated to circumvent the potential risks, expenses, and diversion of resources associated with protracted litigation. 
<h2 id="the-proposed-plan-will-be-subject-to-a-vote">The Proposed Plan Will be Subject to a Vote</h2> 
 The repayment agreement is a crucial component of Genesis’ broader strategy to address its outstanding financial obligations to creditors. The proposed plan will be subject to a vote by these creditors before it is submitted to bankruptcy judge Sean Lean for a final decision. 
Judge Lean will carefully consider the creditors’ votes in determining the viability and fairness of the proposed plan. 
In a related legal move, Genesis recently filed a lawsuit against crypto exchange Gemini on November 22, seeking to recover nearly $670 million in transfers. 
This comes amidst an already challenging legal landscape for Genesis and Gemini, as <a href="https://cryptonews.com/news/genesis-gemini-file-for-dismissal-of-secs-earn-program-lawsuit-heres-latest.htm">both entities face a lawsuit from the Securities and Exchange Commission</a> (SEC), alleging the sale of unregistered securities. 
Furthermore, the state of New York has filed a lawsuit against Genesis, Gemini, and DCG, accusing the trio of defrauding investors. Source: AdobeStock / Timon 
The beleaguered crypto lender Genesis and its parent company, Digital Currency Group (DCG), have reached a settlement that could end the protracted lawsuit aimed at recovering $620 million in repayments from DCG. 
<h2 id="dcg-commits-to-settling-324-5m-in-loans-by-april">DCG Commits to Settling $324.5M in Loans by April</h2> 
According to a <a href="/Users/DELL/Downloads/a660ddee-623f-4f43-aac9-0117a5310bd6.pdf">filing made on November 28</a> to a New York Bankruptcy Court, Genesis outlined the terms of the agreement, revealing that DCG has committed to settling its outstanding $324.5 million in loans by April of the coming year. 
The settlement allows Genesis the option to pursue any unpaid amounts. 
This proposed settlement emerges as a strategic move by Genesis to bring a conclusion to a <a href="https://cryptonews.com/news/genesis-sues-parent-firm-dcg-over-600-million-loan-repayment.htm">lawsuit initiated against DCG</a> back in September. 
The legal action sought to compel DCG to repay loans that had become overdue, totaling around $620 million. While DCG has made partial payments since the initiation of the lawsuit, this comprehensive settlement is expected to offer Genesis immediate, substantial, and near-term benefits. 
More importantly, it is anticipated to circumvent the potential risks, expenses, and diversion of resources associated with protracted litigation. 
<h2 id="the-proposed-plan-will-be-subject-to-a-vote">The Proposed Plan Will be Subject to a Vote</h2> 
The repayment agreement is a crucial component of Genesis’ broader strategy to address its outstanding financial obligations to creditors. The proposed plan will be subject to a vote by these creditors before it is submitted to bankruptcy judge Sean Lean for a final decision. 
Judge Lean will carefully consider the creditors’ votes in determining the viability and fairness of the proposed plan. 
In a related legal move, Genesis recently filed a lawsuit against crypto exchange Gemini on November 22, seeking to recover nearly $670 million in transfers. 
This comes amidst an already challenging legal landscape for Genesis and Gemini, as <a href="https://cryptonews.com/news/genesis-gemini-file-for-dismissal-of-secs-earn-program-lawsuit-heres-latest.htm">both entities face a lawsuit from the Securities and Exchange Commission</a> (SEC), alleging the sale of unregistered securities. 
Furthermore, the state of New York has filed a lawsuit against Genesis, Gemini, and DCG, accusing the trio of defrauding investors.

Genesis Reaches Settlement With Parent Company DCG in $620M Lawsuit

Table of Contents

Cryptonews.com

Other articles published on Nov 29, 2023

Dogecoin's DOGE-1 Mission Cleared by NTIA

Terra Classic Tokens LUNC, USTC Gain 30% in Fresh Bullish Charge: Details

Dogecoin Ready For Blast-Off: NTIA Approves DOGE Moon Mission

Sinbad crypto mixer sanctioned by U.S. Treasury

Bitcoin price fails $38.5K breakout as US GDP fuels Fed hard landing woes

Unraveling Dogecoin’s Future: A Technical Analysis of Market Trajectories

Join our free newsletter for daily crypto updates!