US Court Grants Preliminary Approval for $13 Million Class Action Settlement Between BlockFi and Investors
JH Kim
Summary
- The United States District Court for the District of New Jersey has reportedly granted preliminary approval for a $13 million class action settlement between bankrupt BlockFi and its investors.
- The court ordered BlockFi's insurers to deposit $13 million into an escrow account within 30 days.
- The final approval of the settlement is expected to be decided at the final approval hearing on December 11.
According to Cointelegraph, a crypto-specialized media outlet, on the 22nd (local time), the United States District Court for the District of New Jersey has granted preliminary approval for a $13 million class action settlement between the bankrupt crypto lending company BlockFi and its investors.
The court ordered BlockFi's insurers to deposit $13 million into an escrow account within 30 days. The final approval of the settlement will be determined at the final approval hearing scheduled for December 11.
Previously, in 2023, approximately 89,000 BlockFi investors filed a class action lawsuit, alleging they suffered losses during the company's bankruptcy proceedings.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
