The SEC proposed that Do Kwon and Terraform pay roughly $5.3 billion in disgorgement, prejudgment interest and civil penalties, while the firm’s team suggested only $1 million.
After a jury found Terraform Labs and co-founder Do Kwon liable for fraud in a case with the United States Securities and Exchange Commission (SEC), a federal judge ordered the parties to discuss proposed remedies ranging from millions to billions of dollars.
In an April 29 filing in the U.S. District Court for the Southern District of New York, Judge Jed Rakoff said lawyers representing the SEC, Kwon and Terraform should appear in court on May 22 to present arguments for proposed remedies after the jury verdict. All parties have already submitted filings on their respective requests for disgorgement and civil penalties, but Judge Rakoff’s order allowed supplements before the court appearance.
Related: Do Kwon appeals Montenegrin court decision, claiming ‘unfounded and illegal’ interpretation
