Genesis Seeks Court Approval to Pay $33M to Settle $1B 3AC Claims

“The 3AC Debtor shall receive an allowed general unsecured claim against Genesis in the amount of $33,000,000 in full and complete satisfaction of the more than $1 billion dollars in claims asserted against each of the Genesis Debtors,” the document said, adding that the agreement will “mutually release each other from liability.”

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