DCG and Genesis reach $200 million repayment agreement, ending approximately $620 million lawsuit.

According to BlockBeats news on November 29th, Digital Currency Group (DCG) has reached a new repayment agreement with its bankrupt subsidiary Genesis, as reported by Bloomberg. Genesis will end its lawsuit against DCG for approximately $620 million. Sean O'Neal, Genesis' lawyer, stated at a hearing that the new agreement stipulates that DCG will pay Genesis approximately $200 million in the coming weeks and requires DCG to complete the outstanding payment by April 2024. If DCG defaults, Genesis may attempt to collect all outstanding payments. The repayment of funds by DCG will become part of the compensation plan that Genesis has proposed to its creditors, which will be submitted to a vote by the creditors. Genesis stated that the agreement will avoid expensive litigation with its parent company for several months. Sean O'Neal stated that the agreement still does not resolve other disputes related to DCG in Genesis' bankruptcy settlement. Previously, Genesis filed a lawsuit in September to recover unpaid loans from its parent company DCG. According to court documents, DCG has been paying Genesis since the lawsuit was filed, but as of November 28th, DCG still owes its subsidiary $324.5 million.