Genesis has reached a settlement agreement with New York Attorney General Letitia James, who previously accused Genesis of deceiving customers through the now-terminated Gemini Earn program. This settlement will result in the return of assets, which could have otherwise been claimed by New York authorities, to former Earn customers and other Genesis creditors.
The agreement still needs approval from a bankruptcy judge. Genesis will seek approval from Judge Sean Lane for the New York settlement and liquidation plan on February 14th. (Bloomberg)
Earlier on February 2nd, bankrupt Genesis had agreed to settle a lawsuit filed by the Securities and Exchange Commission (SEC) a year ago regarding a lending program.
As a subsidiary of Digital Currency Group, Genesis agreed to pay $21 million to the SEC to end the lawsuit, according to a document filed in the Southern District of New York bankruptcy court.