The group of crypto users finalized the agreement with former FTX CEO SBF as part of a class-action lawsuit that was under process in Florida. On 19th April the filing in the United States District Court for Southern District of Florida noted that plaintiffs suing FTX influencers in 2022 have completed a settlement deal with SBF.
SBF will Provide Information to Sue FTX Promoters
As per the official documentation, the plaintiffs have agreed to the settlement on account of additional costs and length of the ongoing lawsuit should they decide to pursue legal proceedings against SBF. However, the plaintiffs have reserved the right to use some of the information from this case in the criminal trial in the matter of FTX promoters.
SBF has knowledge and other information that Class Representatives and Class Council believed that it is going to be valuable to representatives in the lawsuit and against other defendants in FTX MDL in regards to underlying actions and their connection to Miami, Florida.
FTX US headquarters are based in the area and MDL defendants are set to assist with actions and connections to other states where jurisdictions against these defendants is required.
FTX Investors Agree to Settle Class Action Lawsuit
Based on the legal approval, the settlement agreement will resolve the lawsuit between SBF and crypto users seeking damages for losses in the aftermath of the FTX demise. The filing denotes that plaintiffs propose the settlement on 28th March when SBF was set to receive a 25-year sentence as a convicted felon.
The plaintiff in the lawsuit proposed that SBF assisted in prosecuting FTX influencers and assisted in victim recovery through documents and testimonies during his criminal trial.
The lawyers also quoted statements from various influencers and famous personalities and PR firms that were responsible for endorsing the platform prior to its demise. Some of these influencers include names such as Tom Brady, Naomi Osaka, Shequille O’Neal, and Stephen Curry.
This lawsuit was first filed in November 2022 just a little after FTX filed for bankruptcy and converted into its current form by June 2023. SBF lawyers filed an appeal notice on 11th April against conviction and sentencing appeal.
His lawyers appealed the court to allow SBF to remain Metropolitan Detention Center in Brooklyn instead of a federal prison in San Francisco Bay Area to help build his case.
In another instance of lawsuit against exchange platforms, Cointelegraph reported the latest scoop from Coinbase versus SEC matter. Attorney John Deaton filed an amicus brief to support the Coinbase appeal against the regulatory agency.
Attorney John Deaton Joins Coinbase by Filing Amicus Brief
John Deaton noted that he filed for brief on behalf of 4701 Coinbase consumers without charging any consultation fees. Deaton is also responsible for running a campaign to unseat Senator Elizabeth Warren in the lawsuit against the Securities and Exchange Commission (SEC).
In a 26th April filing Southern District Court of New York, Deaton filed for the amicus brief in line with interlocutory appeal on behalf of thousands of Coinbase customers.
As per the brief documentation, the lawyer is working pro bono to represent 4701 defendants of the exchange platform. Deaton noticed that previous enforcement actions led by the SEC serve as evidence that regulator does speak on behalf of digital asset users and investors and does not offer regulatory guidance based on the Howey test.
He quoted that civil cases against Debt Box where he claimed that the SEC has been more interested in hurting crypto firms rather than maintain allegiance to truth and justice. A judge issued sanctions against the agency in that matter. Deaton also linked his latest actions to his ongoing struggle against the Senate.
He introduced himself as a legal representative of Coinbase defendants in June 2023. However, the SEC brought the lawsuit against the trading platform after his campaign announcement. In a 19th April declaration he noticed that the latest motion to file for an amicus brief was successful. He noted that it is very important for end users of a technical platform to have legal representation.
