In a statement, the District Court for the Southern District of New York reported that on Wednesday, May 29, a telephone conference was held between the lawyers of the interested parties in an “off the record and off the record” format.
Following telephone conversations, the lawyers notified the judiciary that they had reached “agreements in principle in the civil fraud case” brought by the SEC against Terraform Labs and its co-founder Do Kwon.
Based on the agreements reached, the court canceled the next hearing in the fraud case and ordered the parties to submit by June 12 official documentation confirming the fact of concluding a settlement agreement.
Let us recall that the SEC demanded that Do Kwon and Terraform Labs compensate investors of the Terra-Luna project for damages and interest in the amount of about $4.7 billion, as well as pay a civil penalty of $420 million and $100 million, respectively.
Source: Bits
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