From PC World: Plaintiffs in two class-action suits charging the embattled Bitcoin exchange Mt. Gox with fraud have agreed to a settlement, and new plans to revive the exchange have been drafted.
Earlier this year a class-action suit in Illinois was filed against Mt. Gox, following reports revealing the theft of some 850,000 bitcoins—worth hundreds of millions of dollars—due to a hacking attack. The exchange subsequently filed for liquidation with a Japanese court.
Now, under a settlement agreement, Mt. Gox will be reorganized rather than liquidated, and a portion of the lost bitcoins will be returned, according to a court document filed Monday night in the U.S. District Court for the Northern District of Illinois. A similar class settlement was also reached in Canada.
Under the plan, the investor group Sunlot Holdings will acquire Mt. Gox and establish a new Bitcoin exchange, dubbed “New Gox.” With the exception of a $10 million fiat currency holdback to fund recovery efforts, all bitcoins and fiat currency currently held by Mt. Gox, including 200,000 recently “discovered” bitcoins, will be returned to exchange members’ wallets, the court filing said.
Affected Mt. Gox members will also be treated as if they hold a 16.5 percent stake in New Gox, the filing said.
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