Lawyers representing Do Kwon, Terraform Labs and the SEC will appear before a judge on May 22 to discuss possible remedies following a verdict in the civil trial.
The SEC proposed that Do Kwon and Terraform pay roughly $5.3 billion in disgorgement, prejudgment interest and civil penalties, while the firm’s team suggested only $1 million.liable for fraud in a case with the United States Securities and Exchange Commission , a federal judge ordered the parties to discuss proposed remedies ranging from millions to billions of dollars.
In an April 29 filing in the U.S. District Court for the Southern District of New York, Judge Jed Rakofflawyers representing the SEC, Kwon and Terraform should appear in court on May 22 to present arguments for proposed remedies after the jury verdict. All parties have already submitted filings on their respective requests for disgorgement and civil penalties, but Judge Rakoff’s order allowed supplements before the court appearance.and no “injunctive relief or disgorgement.
after a two-week trial with the SEC. Kwon could not attend the trial in person due to his 2023 arrest in Montenegro for using falsified travel documents. The Terraform co-founder remains in the country as its courts weigh extradition requests from the U.S. and South Korea, and at the time of publication, it was unclear if he will be able to go to the U.S. court on May 22.
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