DCG and Subsidiary Genesis Reach $620 Million Settlement!

Digital Currency Group (DCG) has settled with its bankrupt subsidiary, Genesis Global Holdco LLC, in a lawsuit seeking $620 million. Under the agreement, Genesis will receive around $200 million in value over the next few weeks, with outstanding payments due in April 2024. If DCG defaults, Genesis can attempt to collect any unpaid amount. The deal aims to avoid costly litigation and ensure partial repayment for Genesis’s bankruptcy. However, it doesn’t resolve other disputes related to Genesis’s bankruptcy plan. Genesis is also facing legal action from Gemini Trust Co., the SEC, and NY State. The proposed settlement will be presented to creditors for approval, with a final decision made by US Bankruptcy Judge Sean Lane.