PANews June 13 news, according to The Block, Terraform Labs reached a settlement with the U.S. Securities and Exchange Commission (SEC), agreeing to pay a $4.47 billion fine to the SEC. The SEC submitted a "proposed final consent judgment" on Wednesday, asking Jed Rakoff, a judge in the Southern District of New York, to approve the plan. According to the proposed judgment, Terraform will be required to recover $3.58 billion in illegal gains and pay a $420 million civil penalty, and its co-founder Do Kwon will be prohibited from serving as an executive or director of a public company. The SEC said Do Kwon must also pay $204 million to compensate damaged investors. According to previous news, on April 5, a New York jury ruled that Terraform and Do Kwon were suspected of deceiving investors in the sales statements of TerraUSD (UST), Luna and wLUNA. The SEC then filed a motion to recover $5.3 billion in illegal gains and civil penalties. At the end of May, Terraform and its co-founder Do Kwon "reached a settlement in principle" with the SEC.