Court Greenlights Settlement Between FTX and CFTC
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The United States District Court for the Southern District of New York has approved a $12.7 billion settlement between FTX, Alameda Research, and the Commodity Futures Trading Commission.
This agreement was reached after negotiations between the parties and was pending approval via a consent order.
The settlement puts an end to a lawsuit filed by the CFTC in December 2020 against the defunct crypto exchange FTX, its former CEO Sam Bankman-Fried, and Alameda.
The CFTC claimed that their actions had resulted in customers losing $8 billion and originally sought a claim of $52.2 billion. As per the agreement, the CFTC will not receive anything as long as FTX complies with its reorganization plan.
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