United States of America: Announced settlement in FTC lawsuit against Voyager Digital over alleged unfair and deceptive claims

On 12 October 2023, the Federal Trade Commission (FTC ) announced that it had reached a settlement in the lawsuit against Voyager over alleged unfair and deceptive claims. The FTC stated that Voyager assured customers its accounts were protected by the Federal Deposit Insurance Corporation (FDIC) and were secure, but the company was in the process of declaring bankruptcy. The FTC claims that Voyager violated the Federal Trade Commission Act and the Gramm-Leach-Bliley Act. Under the proposed settlement, Voyager and its subsidiaries are prohibited from marketing any product or service that can be used to deposit, invest or withdraw assets directly or through an intermediary. The companies agreed to pay a USD 1.65 billion fine, which will be suspended to allow Voyager to return its remaining assets to consumers during the bankruptcy proceedings.