NEW
YORK, Oct. 18, 2024 /PRNewswire/ -- Kroll, the
leading independent provider of global financial and risk advisory
solutions, announced today that a multi-million dollar settlement
between the liquidators of Emergent Fidelity Technologies, Ltd. and
the FTX Estate has been approved by the US Bankruptcy Court in
Delaware. This settlement involves
the recovery of 56 million shares in Robinhood Markets, Inc.,
acquired by Emergent in May 2022.
Emergent is an Antiguan entity controlled by former FTX
executives Sam Bankman-Fried and
Zixiao "Gary" Wang. Kroll's liquidators of Emergent, Angela Barkhouse and Toni Shukla were originally appointed as
Receivers over Emergent on an emergency basis to prevent assets
from being sold and made inaccessible to the victims of
Bankman-Fried's scheme. The U.S. Department of Justice (DOJ) took
control of the assets. The liquidators from Kroll worked with the
DOJ to facilitate the repurchase of shares by Robinhood, securing
over $626 million for the victims of
the FTX scheme.
This settlement is part of the ongoing efforts to recoup assets
back for the victims of Bankman-Fried's scheme.
Angela Barkhouse, Head of
Offshore Restructuring at Kroll commented, "The settlement is a
significant step in the liquidation of Emergent Fidelity
Technologies, Ltd., providing a fair and efficient resolution for
all parties. It underscores our commitment to maximizing value and
aims to resolve outstanding claims and facilitate the equitable
distribution of assets to creditors."
Advisors
Emergent is represented by the liquidators,
Angela Barkhouse and Toni Shukla of Kroll, Morgan Lewis & Bockius LLP as legal counsel
in the United States, Forbes Hare, and Lake Kentish & Bennett in
Antigua, and David Joseph KC and
Alex Riddiford of Essex Court Chambers as counsel.
About Kroll
As the leading independent provider of
financial and risk advisory solutions, Kroll leverages our unique
insights, data and technology to help clients stay ahead of complex
demands. Kroll's team of more than 6,500 professionals worldwide
continues the firm's nearly 100-year history of trusted expertise
spanning financial, risk, governance, transactions and valuation.
Our advanced solutions and intelligence provide clients the
foresight they need to create an enduring competitive advantage. At
Kroll, our values define who we are and how we partner with clients
and communities. Learn more at kroll.com.
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content:https://www.prnewswire.co.uk/news-releases/kroll-liquidators-secured-multi-million-dollar-settlement-between-emergent-fidelity-technologies-and-ftx-estate-approved-by-us-bankruptcy-court-302280324.html