FTX-Tied Lawsuit Asks Clients to Weigh in on Potential $10M Settlement
A class-action lawsuit in California invites investors who deposited fiat into FTX or Alameda Research accounts via Silvergate Bank between 2019 and 2022 to claim part of a $10 million settlement. Eligible claimants must file or opt out by January 30. The lawsuit alleges Silvergate Bank, its parent company, and a former executive aided FTX, Alameda, and Sam Bankman-Fried’s misconduct. A final approval hearing is set for February 9. The settlement offers additional recovery for those affected by FTX's collapse, beyond the ongoing bankruptcy proceedings, potentially involving over 46,000 claimants. Silvergate, which had close ties to FTX, ceased operations in March 2023. Criminal cases against several former FTX and Alameda executives have resulted in prison sentences; some civil and related criminal matters continue, including further proceedings against Michelle Bond over alleged campaign finance violations linked to FTX.
