Crypto users propose dropping lawsuit against Sam Bankman-Fried to pursue FTX influencers
Release: 2024/04/20 05:54 Reading: 412
A group of cryptocurrency users has reached an agreement with former FTX CEO Sam “SBF” Bankman-Fried as part of a class-action lawsuit filed in Florida.
In an April 19 filing in United States District Court for the Southern District of Florida, plaintiffs who sued FTX influencers in 2022 announced they had reached a settlement with Bankman-Fried. According to the filing, the plaintiffs acknowledged the expense and duration of proceedings should they continue to pursue judgment against SBF, choosing instead to leverage information presented at his criminal trial to advance their case against FTX promoters.
“[Bankman-Fried] possesses knowledge and information that Class Representatives and Class Counsel believe will be valuable to Class Representatives’ cases against other defendants in the FTX MDL [multidistrict litigation], particularly relating to the underlying actions and their connection to Miami, Florida, where FTX’s U.S. headquarters were located, as well as each MDL Defendants’ knowledge of and assistance with the actions and connections to other states in which jurisdictions over those Defendants is asserted,” stated the April 19 filing.
Source: PACER
Subject to court approval, the settlement would resolve the lawsuit between SBF and crypto users seeking recourse for losses incurred during FTX's collapse. The filing indicated that the plaintiffs proposed the settlement on March 28 — the day a judge sentenced Bankman-Fried to 25 years in prison for his conviction on felony charges.
The plaintiffs in the lawsuit proposed that Bankman-Fried assist in prosecuting FTX influencers and facilitate victim recovery by providing documents and testimony from his criminal trial. The lawyers specifically cited information related to celebrities and companies that endorsed the crypto exchange before its downfall, including sports stars Naomi Osaka, Tom Brady, Stephen Curry, and Shaquille O’Neal.
Related: Crypto lawyer seeks deposition of Changpeng Zhao for civil case
The lawsuit, initially filed in November 2022 shortly after FTX filed for bankruptcy, was consolidated into its current form in June 2023. The Moskowitz Law Firm, known for handling numerous crypto-based class-action lawsuits, represented the plaintiffs.
Bankman-Fried’s lawyers filed notice to appeal the former FTX CEO’s conviction and sentence on April 11. They also requested that SBF remain at the Metropolitan Detention Center in Brooklyn rather than a federal prison in the San Francisco Bay Area to facilitate his defense.
Magazine: ‘Less flashy’ Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame
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