WorldVentures filed a proposed “compromise and settlement” with the plaintiff, Viva Voyage, last month.
The bankruptcy court agreed to the settlement on October 4th.
The settlement says that WorldVentures and Viva Voyage will each get $574,180 from the Court Registry.
The amount in question in both lawsuits was given to the court last October after it was suggested.
In December 2020, WorldVentures would file for Chapter 11 bankruptcy.
Along with paying the amount in dispute, the proposed settlement sees
- Viva Voyage and WorldVentures give each other releases and agree to drop their lawsuits against each other.
- Viva Voyage will also withdraw its proof of claim, which it filed as part of WorldVentures’ bankruptcy proceedings, and Viva Voyage will not object to any Chapter 11 plan that WorldVentures may submit.
- In May 2020, Viva Voyage sued WorldVentures, saying that the company was doing “dangerously illegal things.”
In response, WorldVentures, through its parent company Rovia, filed its own lawsuit in August, a few months after the first one.
The first lawsuit was filed by Viva Voyage in Florida. Later, that case was moved to Texas and merged with WorldVentures’ suit to get back at them.
When the bankruptcy court says “yes” to the proposed settlement on October 4, the case is over.