On May 24, 2024, the US Federal Court held a hearing on the ongoing dispute between Evolve and Synapse. Although the dispute remains unresolved, progress has been made during the hearing.
Jelena McWilliams, former chair of the Federal Deposit Insurance Corporation (FDIC), has been appointed as Synapse's Chapter 11 Trustee. The court has directed Trustee McWilliams to prioritize ensuring that end users have access to their funds. In addition, the court has also required the U.S. Trustee to provide regular weekly updates on progress.
Juno is committed to partnering with Trustee McWilliams to provide all the necessary support, resources, and information to facilitate quick access to funding for its end users. If there are any significant developments, users will be promptly notified.
BaaS fintech company Synapse filed for bankruptcy protection in April, and according to Synapse filings, up to 100 fintech companies and 10 million end point customers could be affected by the company's collapse, including Juno.
Juno Releases Update on Synapse Insolvency Process: Will Work with Trustees and Provide Support
2024-05-27 16:55:46
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