A consolidated docket for filings related to customer preference actions can be accessed at https://xitter.cf/t.co/JQEQoR5wI1
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In accordance with the Bankruptcy Court’s instructions and in an effort to make information more readily available to creditors, a consolidated docket for filings relating to the customer preference actions filed by the Litigation Administrator has been created and can be accessed free of charge on Stretto at cases.stretto.com/Celsius/co… and cases.stretto.com/CelsiusLOC….
In accordance with the Bankruptcy Court’s instructions (accessible at cases.stretto.com/public/x19…), all filings relating generally to customer preference actions and/or involving two or more customer preference actions must be filed on the consolidated docket.
The Litigation Administrator of Celsius Network today announced the launch of a structured and transparent global settlement framework for certain remaining preference defendants.
🔗businesswire.com/news/home/2…
Eligible defendants will receive individualized notices from the Celsius Litigation Administrator and can access their settlement agreements through Stretto's secure portal.
Stakeholders with questions can refer to the FAQ's below for more information
🔗cases.stretto.com/public/x31…
Good news - beginning in early December 2024, eligible Celsius creditors will receive an additional distribution as a result of the Litigation Administrators’ and the Litigation Oversight Committee’s efforts
Funds remaining in the litigation recovery account will be utilized to maximize returns for creditors under the plan, including by continuing to, among other things, prosecute, settle, or otherwise resolve certain claims and causes of action
For additional information on distributions and recoveries, please visit cases.stretto.com/CelsiusLOC
Following a successful hearing on October 8, 2024, the Litigation Administrator announced the 13.75% settlement offer will expire on at 12:00 pm ET on October 29, 2024
Since the limited-time settlement offer was announced on March 20, 2024, nearly 2,000 Celsius account holders with withdrawal preference liabilities accepted the settlement offer, totaling approximately $110 million in settlement value to date and accounting for the resolution of more than $800 million of withdrawal preference liabilities
🚨REMINDER: Tomorrow at 12 pm ET, the limited-time settlement offer of 13.75% will expire for account holders with withdrawal preference liabilities
We understand some creditors regret opting out of the Class Claim Settlement. Creditors without preference exposure can contact the Litigation Administrator to settle their Claim(s) for the scheduled amount(s). To learn more about this offer, please email the Litigation Administrator at [email protected]
The lawsuit seeks the return of tens of millions of dollars of transfers from Celsius and damages for those individuals' misrepresentations, fraud, and breach of their duties to Celsius and its account holders.
The lawsuit is part of the Litigation Administrators’ efforts to recover value for Celsius account holders.
A Copy of the complaint initiating the lawsuit can be accessed here cases.stretto.com/public/x19…
On July 10, 2024, the Celsius Litigation Administrator filed a lawsuit against Celsius co-founders Alex Mashinsky, S. Daniel Leon, and Nuke Goldstein, as well as other former Celsius executives and insiders who made millions of dollars off of their reckless and self-interested conduct at the expense of Celsius’ hundreds of thousands of account holders.