Genesis strikes repayment deal with parent firm DCG to end $620M lawsuit

Bankrupt crypto lender Genesis and its parent company, Digital Currency Group (DCG), has struck a deal that could end an ongoing lawsuit to claw back $620 million in repayments from DCG. 

In a Nov. 28 filing to a New York Bankruptcy Court, Genesis said DCG agreed to pay its outstanding $324.5 million in loans by April next year, and Genesis can chase up on any unpaid amounts.

The proposed deal aims to allow Genesis to end a lawsuit filed against DCG in September that sought to have the firm repay overdue loans worth around $620 million. DCG has made some payments since the suit.

Highlighted excerpt of the agreement between Genesis (GGC) and DCG. Source: Kroll

Genesis said the repayment…

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