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Customer Claims

All articles tagged with #customer claims

finance2 years ago•5 min saved

FTX's Global Settlement and Reorganization Plan Ignite Solana Rally

FTX Trading Ltd. and its affiliated debtors, FTX Debtors, have reached a global settlement with the Joint Official Liquidators (JOLs) on behalf of FTX Digital Markets Ltd. The settlement aims to maximize recoveries and reconcile claims for FTX.com customers. Under the agreement, assets will be pooled, and distributions will be coordinated to ensure substantially identical relative distributions at the same time. Customers will have the option to have their claims reconciled and paid in either the Chapter 11 cases of FTX Debtors or the liquidation proceeding for FTX Digital Markets in the Bahamas. The valuation of customer claims will be based on the petition dates, and FTT interests will be treated as equity. The settlement is subject to court approval.

via PR Newswire|

#cross-border-legal-issues #customer-claims #finance

cryptocurrency2 years ago•1 min saved

FTX's Crypto Claims Valuation Soars Amid Solana Rally and Bankman-Fried's Portfolio Success

FTX debtors have proposed a revised Chapter 11 reorganization plan, stating that the value of customer asset claims will be retroactively set to the time of the exchange's collapse in November 2022. The valuation will be based on the petition date, using conversion rates specified in a conversion table. However, since the bankruptcy filing, there has been a significant rise in crypto prices. Meanwhile, the FTX 2.0 Customer Ad Hoc Committee has proposed revisions to the reorganization plan to maintain a balance among stakeholder interests. There has also been scrutiny of the activities of crypto assets associated with FTX and Alameda Research, with reports of digital asset transfers worth $23.59 million to multiple crypto exchanges.

via Cointelegraph|

#bankruptcy #crypto-assets #cryptocurrency

business2 years ago•3 min saved

Citgo Customers Urged to File Claims for Contaminated Fuel in Florida

Citgo customers in Florida who believe their vehicles were affected by a fuel contamination incident should file claims. Over two dozen Citgo gas stations along the Gulf Coast may have received contaminated gas mixed with diesel fuel. Customers who purchased the gas after 10 a.m. on Saturday may have been affected. Citgo has provided a website and hotline for customers to file claims, and the company is committed to resolving each complaint as quickly as possible. Florida officials have also opened a hotline to receive complaints. Citgo discovered the contamination at a terminal and has ordered a shutdown of the fuel pipeline responsible for the mix-up.

via Tampa Bay Times|

#business #citgo #customer-claims