Bankrupt lender Genesis settles with SEC

Bankrupt lender Genesis and the Securities and Exchange Commission reached a settlement on the Earn lawsuit filed by the SEC last year. 

In a filing with a bankruptcy court, the SEC disclosed that Genesis could pay $21 million as part of the settlement agreement, the amount depends on creditor repayment. 

The claim “shall be subordinated to all other allowed administrative expenses, secured, priority, and general unsecured claims, as set forth in more detail in the Settlement Agreement.”

This most recent filing from Genesis seeks to approve its settlement with the regulatory agency.

According to the filing, the settlement seeks to “eliminate the risks, expenses and uncertainty…

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