FTX has reached a settlement with Emergent Technologies over the disputed $600m worth of Robinhood shares. As part of the deal, FTX will pay Emergent $14m to cover administrative expenses, and in return, Emergent will withdraw its claim to the 55m Robinhood shares and associated cash.
The settlement allows for a quicker resolution of Emergent’s bankruptcy case in Antigua and helps FTX avoid further litigation costs, with a focus on maximizing value for its creditors. The shares, originally acquired by Emergent in 2022, were liquidated to Robinhood for around $606m following FTX’s collapse in 2022. A hearing on the matter is set for October 22.