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The mother and father of former FTX CEO Sam Bankman-Fried are asking the court docket to dismiss the lawsuit accusing them of exploiting their entry and affect inside the now-bankrupt crypto trade to counterpoint themselves.
In September, the FTX property sued Stanford Legislation College professors Joseph Bankman and Barbara Fried to carry them accountable for his or her alleged misconduct and to get well purportedly hundreds of thousands of {dollars} in fraudulently transferred and misappropriated funds.
Reads the criticism,
“Regardless of realizing or blatantly ignoring that the FTX Group was bancrupt or getting ready to insolvency, Bankman and Fried mentioned with Bankman-Fried the switch to them of a $10 million money present and a $16.4 million luxurious property in The Bahamas.”
In a brand new filing submitted to the chapter court docket on Monday, the couple sought the dismissal of the case, citing that the lawsuit merely capitalized on the truth that their son was the founder and former govt of FTX.
The couple says the criticism itself alleges that the $10 million present from Sam Bankman-Fried was transferred as early as October 2021, when FTX was nonetheless thought-about not solely solvent but in addition extraordinarily profitable.
In addition they say that they by no means used the $16.4 million luxurious property often known as the “Blue Water” as their major or unique residence.
“Plaintiffs’ fraudulent switch claims, each precise and constructive, concern two alleged transactions—Blue Water and the $10 million present. Each alleged transactions occurred at a time limit when Debtors’ valuation exceeded roughly $40 billion.
Plaintiffs have didn’t plausibly allege precise intent to hinder, delay or defraud, as required for an precise fraudulent switch declare, or Debtors’ insolvency, as required for a constructive fraudulent switch declare.“
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