FTC secures Court approval of $1.65bn settlement with Voyager Digital
The Federal Trade Commission (FTC) has secured Court’s approval of the proposed $1.65 billion settlement with Voyager Digital.
The relevant order, signed by Judge Gregory H. Woods of the New York Southern District Court, restrains the Corporate Defendants from advertising, marketing, promoting, offering, or distributing, or assisting in the advertising, marketing, promoting, offering, or distributing of any product or service that can be used to deposit, exchange, invest, or withdraw assets, whether directly or through an intermediary.
The order does not restrain or enjoin the deposit, exchange, distribution, investment, or withdrawal of assets owned or held by the Debtor Defendants and being administered in accordance with the United States Bankruptcy Code and orders of the court in the Bankruptcy Case.
Judgment in the amount of $1,650,000,000 was entered in favor of the Commission against Corporate Defendants, jointly and severally, as monetary relief.
Corporate Defendants’ liability for this judgment shall be joint and several with any other Defendants to the extent subsequently ordered. The suspension of the judgment as to Corporate Defendants is expressly premised upon the truthfulness, accuracy, and completeness of Corporate Defendants’ sworn financial attestations submitted to the Commission and to the Bankruptcy Court.
All money received by the Commission pursuant to this Order may be deposited into a fund administered by the Commission or its designee to be used for consumer relief, such as redress and any attendant expenses for the administration of any redress fund.
Any money not used for relief is to be deposited to the U.S. Treasury.