Filings shake up NY Attorney General case against Genesis, Gemini
The NYAG reached a settlement with Genesis Holdco in a Feb. 8 filing and named it in an amended complaint on Feb. 9.
The New York State Office of the Attorney General (NYAG) settled with Genesis Global Holdco in a proposed motion in its case surrounding the Gemini Earn program on Feb. 8. The following day, the NYAG filed a new, expanded complaint in the case, naming Genesis Global Holdco and all its codefendants, however.
The Genesis holding company filed a motion for the New York Southern District Bankruptcy Court to approve a settlement agreement between it and the NYAG on Feb. 8. The settlement is the “product of extensive negotiation,” the filing said.
The Genesis settlement stipulated that the NYAG would receive payment on its claims on equal footing with the United States Securities and Exchange Commission (SEC) and only after payments to creditors. Genesis settled with the SEC for $21 million on Jan. 31. The court will consider both settlements on Feb. 14.