Lawsuit against Silvergate Bank calls on FTX/Alameda customers to comment on the $10 million settlement plan

PANews December 18 News, according to Cointelegraph, a class-action lawsuit has been filed in California against the crypto-friendly bank Silvergate Bank, and is now calling on users related to FTX or Alameda Research accounts to participate in claims. A group of investors is urging Silvergate users who deposited fiat currency into “accounts related to FTX or Alameda” between 2019 and 2022 to submit a lawsuit and settlement application to the United States District Court for the Southern District of California.

The lawsuit requests investors to opt out or file claims by January 30 to comment on the $10 million settlement plan. The plan aims to resolve lawsuits regarding whether Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane assisted and incited FTX, Alameda, and Sam Bankman-Fried to infringe. Court documents filed on December 8 request approval of the plan, stating it is fair and reasonable and can provide additional compensation beyond the FTX bankruptcy proceedings for parties affected by the FTX collapse. Judge Ruth Bermudez Montenegro is scheduled to hold a final hearing on February 9 to review the plan. Court documents show that the FTX bankruptcy case has contacted over 46,000 potential claimants via email, with the $10 million settlement fund to be paid proportionally.