Former FTX executives and founders settle class action lawsuit for $1.3 million

Former executives and founders of FTX have reached a settlement of nearly $1.36 million with a group of investors who filed a collective lawsuit against the cryptocurrency exchange.On March 27, the Miami federal court stated that FTX co-founder Zixiao "Gary" Wang, former engineering director Nishad Singh, and former CEO of sister trading firm Alameda Research, Caroline Ellison, agreed to cooperate and provide information to the lawsuit in order to seek approval for a settlement bid against them.Settlements were also reached with seven other influencers, as well as former FTX Chief Regulatory Officer and FTX.US Chief Compliance Officer Daniel Friedberg.