SEC and Genesis Reach Settlement Agreement Approved by Court

2024-02-27 08:14

According to PANews, the settlement agreement between the U.S. Securities and Exchange Commission (SEC) and Genesis was approved by the court during a hearing on Monday. Judge Sean Lane considered it a 'reasonable settlement' as no one raised any objections. Earlier this month, Genesis submitted the settlement agreement with the SEC to the court. As part of the agreement, the company may pay a fine of $21 million, but the exact amount depends on the repayment amount to creditors. The judge stated that the court scheduled a three-day hearing, but the time could be extended if needed. A key issue is DCG's opposition to the bankruptcy plan proposed by Genesis creditors. DCG previously argued that the plan 'favors' some creditors and 'deprives' the company of 'other valuable economic and corporate governance rights.' Genesis lawyer Sean O'Neill said during Monday's hearing that DCG should not interfere and take a share from client assets. Genesis previously stated that under its plan, creditors could expect a recovery rate of up to 77%, but this depends on whether the plan receives the judge's approval.

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SEC and Genesis Reach Settlement Agreement Approved by Court

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