Digital Currency Group (DCG) has just reached a new agreement with its bankrupt subsidiary Genesis Global Holdco LCC under which it will pay $620 million to settle the claim.
According to Bloomberg, Genesis' lawyer Sean O'Neill has said the deal involves the crypto lender receiving around $200 million over the next few weeks and will require DCG to complete outstanding payments by April next year.
The deal will form part of Genesis' plans to repay its creditors.
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O'Neill has explained the agreement does not cover other disputes with DCG related to the bankruptcy resolution plan.
Genesis suspended withdrawals on November 16, 2022 citing "increased demands" from customers following the collapse of FTX and hedge fund Three Arrows Capital.
The company and its subsidiaries Genesis Asia Pacific and Genesis Global Capital filed for bankruptcy in January.