Winklevoss Twins' Gemini Promises to Return $1.1B to Earn Customers
Summary
Gemini will return $1.1 billion to its Earn program customers after a settlement with NYDFS. The settlement includes $40 million for Genesis' bankruptcy proceedings and $37 million to NYDFS. Gemini committed to ensuring the $1.1 billion for its Earn customers. NYDFS alleged Gemini's failure to conduct due diligence on Genesis, which defaulted on about $1 billion in loans from Earn customers. NYDFS also found unsafe and unsound practices by Gemini. Gemini may face a lawsuit if it does not fulfill the $1.1 billion commitment after Genesis' bankruptcy resolution.
