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FTX Debtors Settle Customer Property Disputes in Chapter 11 Cases

FTX Debtors have settled customer property disputes as part of their pending Chapter 11 cases, with the customer shortfall settlement forming part of the Amended Plan of Reorganization, which FTX plans to file by December 2023. Subject to approval by the Bankruptcy Court, the proposed amended plan anticipates customers globally receiving over 90% of the distributable value.

The customer shortfall settlement aims to address the customer property dispute initiated against the FTX Debtors and support the confirmation of the amended plan by the second quarter of 2024. The Debtors have also proposed a settlement option where customers can reimburse 15% of their net withdrawals made within the past nine days from the date of bankruptcy filing.

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