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The insolvent <a href="https://optimisus.com/market/market-news/the-sec-raises-objections-to-ftxs-bankruptcy-plan-citing-legal-concerns/" rel="noopener noreferrer nofollow">cryptocurrency exchange FTX</a> has finalized a deal with Emergent Fidelity Technologies concerning roughly $600 million in Robinhood shares.The agreement, revealed in a filing by FTX CEO John Ray III in a Delaware Bankruptcy Court, included <a href="https://optimisus.com/market/market-news/former-ftx-executive-ryan-salame-challenges-his-conviction-claiming-prosecutors-broke-their-deal/" rel="noopener noreferrer nofollow">FTX</a> disbursing $14 million to address administrative expenses related to Emergent&#39;s retraction of its claim to the contested shares.The agreement seeks to optimize value for creditors while reducing litigation expenses. Emergent bought 56 million shares of Robinhood, valued at $600 million, through an arrangement with Bankman-Fried and Alameda Research in May 2022.The US Department of Justice confiscated the shares in January 2023, and Robinhood reacquired them on September 1 for $606 million. FTX asserted that the settlement is vital for progressing its reorganization initiatives and hastening the restitution of funds to its creditors.The contention regarding the Robinhood shares is a component of the extensive repercussions stemming from FTX&#39;s downfall, resulting in numerous lawsuits and claims. A hearing regarding the Emergent settlement is expected for October 22.

FTX exchange settles $600M Robinhood shares dispute with Emergent for $14M

Optimisus

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