RYVYL Inc. reaches tentative settlement in 2023 shareholder lawsuits over fiduciary breaches
A proposed settlement has been reached in the 2023 derivative lawsuits against RYVYL Inc. The cases, brought by shareholders, alleged breaches of fiduciary duty by certain current and former officers and directors. District Judge Gonzalo P. Curiel of the Southern District of California issued an order provisionally approving the agreement.
The lawsuits originated in two jurisdictions: the Southern District of California and the Eighth Judicial District Court in Clark County, Nevada. Shareholders claimed that company leaders had failed in their duties, prompting legal action.
The provisional approval moves the case closer to resolution. If finalised, the settlement will bring an end to the derivative litigation in both California and Nevada. Shareholders will receive formal notice of the terms before the court issues its final decision.
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