A group of FTX investors and customers have settled their civil lawsuit against the failed crypto exchange's disgraced and convicted founder, Sam Bankman-Fried.
Bankman-Fried agreed to cooperate with creditors by providing non-proprietary documents and information regarding the other defendants. In return, creditors will drop their civil lawsuit against the embattled founder and focus on other parties involved in the exchange's failure.
Sam Bankman-Fried Talked About Cryptocurrency Phenomenons
The creditors intend to use the shared information in their class action lawsuit. Bankman-Fried will talk about the stock market's famous supporters, including Shaquille O'Neal, Tom Brady, Katy Perry and Naomi Osaka.
He will also provide information about FTX's interactions with other organizations, such as law firm Sullivan and Cromwell, venture capital firms Sino, K5 Global, Multicoin, Deltec Bank and accounting firm Prager.
Creditors are demanding additional details about FTX's relationships with the Golden State Warriors, Formula 1 Racing and Major League Baseball. They also want information about companies such as Mercedes Benz Group Racing Team, Creators Agency and Lincoln Holdings.
“If requested by the Class Representatives, upon reasonable notice, [Sam Bankman-Fried] will voluntarily produce documents and information to the extent reasonably accessible without service of subpoena and will make truthful statements or affidavits upon request.”
Sunil Kavuri, a leading creditor of FTX, called the deal a big win for customers. FTX liquidators, led by CEO John Ray and law firm Sullivan & Cromwell, blocked class-action efforts, according to Kavuri.
As a result, the settlement reached with Bankman-Fried aims to uncover more information to build a case against the accomplices involved in the stock market crash.
“The truth will come out and the accomplices will be held accountable,” Kavuri added.
Bankman-Fried was found guilty and subsequently sentenced to 25 years in prison. The court ruled that he diverted client funds from FTX to affiliated hedge fund Alameda Research. These funds were allegedly used for political contributions, high-end real estate purchases and speculative ventures.
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