Voyager Digital won’t sue its executives for incompetence, will claim insurance on them
2022/10/19 06:52
According to Cointelegraph, Voyager Digital has preferred not sue its top executives for incompetence, in spite of their role in approving a huge loan to Three Arrows Capital (3AC) without adequate due diligence. That loan was a key element leading to Voyager Digital’s bankruptcy. Court papers filed Oct. 17 show that a Voyager Digital internal special committee has proposed that CEO Stephen Ehrlich and chief commercial officer (formerly chief financial officer) Evan Psaropolous keep their jobs and not be sued. The committee did not find any evidence of fraud in the executives’ actions. According to the court filing, Ehrlich and Psaropolous are “making additional contributions to the [Reorganization] Plan pursuant to the settlements reached with the Special Committee.” Ehrlich will pay the company $1.125 million in cash under the committee’s proposal, which is subject to approval by the bankruptcy judge. The company has $20 million in directors and officers liability insurance to make claims against as well.
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