NEW YORK, Oct. 18, 2024 /PRNewswire/ -- Kroll, the leading independent provider of global financial and risk advisory solutions, announced today that a multi-million dollar settlement between the liquidators of Emergent Fidelity Technologies, Ltd. and the FTX Estate has been approved by the US Bankruptcy Court in Delaware. This settlement involves the recovery of 56 million shares in Robinhood Markets, Inc., acquired by Emergent in May 2022.

Emergent is an Antiguan entity controlled by former FTX executives Sam Bankman-Fried and Zixiao "Gary" Wang. Kroll's liquidators of Emergent, Angela Barkhouse and Toni Shukla were originally appointed as Receivers over Emergent on an emergency basis to prevent assets from being sold and made inaccessible to the victims of Bankman-Fried's scheme. The U.S. Department of Justice (DOJ) took control of the assets. The liquidators from Kroll worked with the DOJ to facilitate the repurchase of shares by Robinhood, securing over $626 million for the victims of the FTX scheme.

This settlement is part of the ongoing efforts to recoup assets back for the victims of Bankman-Fried's scheme.

Angela Barkhouse, Head of Offshore Restructuring at Kroll commented, "The settlement is a significant step in the liquidation of Emergent Fidelity Technologies, Ltd., providing a fair and efficient resolution for all parties. It underscores our commitment to maximizing value and aims to resolve outstanding claims and facilitate the equitable distribution of assets to creditors."

Advisors
Emergent is represented by the liquidators, Angela Barkhouse and Toni Shukla of Kroll, Morgan Lewis & Bockius LLP as legal counsel in the United States, Forbes Hare, and Lake Kentish & Bennett in Antigua, and David Joseph KC and Alex Riddiford of Essex Court Chambers as counsel.

About Kroll
As the leading independent provider of financial and risk advisory solutions, Kroll leverages our unique insights, data and technology to help clients stay ahead of complex demands. Kroll's team of more than 6,500 professionals worldwide continues the firm's nearly 100-year history of trusted expertise spanning financial, risk, governance, transactions and valuation. Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage. At Kroll, our values define who we are and how we partner with clients and communities. Learn more at kroll.com.

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