Judge rejects joint Gemini-CFTC bid to reopen $5M settlement
A federal court says Gemini's voluntary pre-trial agreement and later policy changes are not grounds to vacate the $5 million judgment.
A U.S. federal judge has denied a joint request by Gemini and the Commodity Futures Trading Commission to undo a $5 million settlement, according to a report from The Block.
The court noted that Gemini agreed to the settlement voluntarily roughly three weeks before the case was scheduled to go to trial, and that subsequent policy changes do not warrant reopening the judgment.
What the court weighed
- Gemini entered the agreement voluntarily before trial rather than after a ruling
- The motion to revisit the settlement was brought jointly by the company and the CFTC
- The court found that policy shifts are not a sufficient basis for setting aside the judgment
The ruling leaves the $5 million settlement in place, closing off one route the parties had pursued to unwind an already-finalized agreement. Consent judgments are generally difficult to reopen once entered, particularly when a party agreed to them before a verdict.