FTX Debtors and FTX Digital Markets (Bahamas) have announced a groundbreaking global settlement, aimed at maximizing recoveries and reconciling claims for their customers. The agreement ensures substantially identical recoveries regardless of where claims are presented and marks a novel solution to the complex legal issues arising from the collapse of the FTX group. Key provisions include pooling assets for distributions, reconciling customer claims, and adopting consistent valuation approaches. Customers will have the option to elect the jurisdiction for claim reconciliation, with detailed procedures to be finalized. This pivotal agreement reflects a concerted effort to address customer interests and navigate the intricate landscape of bankruptcy proceedings.

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