Frequently Asked Questions

About the Notice

1. Why did I get a notice?

The Notice was sent to tell you about the Settlement of a class action lawsuit, Bhatia v. Silvergate Bank et al brought on behalf of people or entities who deposited fiat currency into an FTX- or Alameda-related account at Silvergate Bank between April 1, 2019, and November 11, 2022 and who, on November 11, 2022, still had an account on FTX.com or FTX.US that contained cryptocurrency, fiat currency, or both. You received the Notice because you may be a member of the group of people affected, called the “Class.” The Notice gives you a summary of the terms of the proposed settlement agreement, explains what rights class members have, and helps Class Members make informed decisions about what action to take.

2. What do I do next?

Read the Notice and this website to understand the Settlement and to determine if you are a class member. Then, decide if you want to:

Read on to understand the specifics of the Settlement and what each choice would mean for you.

3. What are the most important dates?

Your deadline to object or opt out: January 30, 2026
Your deadline to submit a claim form: January 30, 2026
Settlement approval hearing: February 9, 2026

Learning About the Lawsuit

4. What is this lawsuit about?

The plaintiffs in the lawsuit (Joewy Gonzalez, Nicole Keane, and Golam Sakline) claimed that Silvergate Bank, Silvergate Capital Corporation, and their Chief Executive Officer, Alan J. Lane, aided and abetted FTX, Alameda, and Sam Bankman-Fried in committing tortious conduct that injured Plaintiffs and members of the class. The lawsuit alleges that Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane accomplished this by knowingly permitting the misdirection and commingling of fiat currency deposited by FTX customers with Silvergate Bank.

Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane deny that they did anything wrong.

5. Why is there a settlement in this lawsuit?

In 2024, the parties agreed to settle, which means they have reached an agreement to resolve the lawsuit. Both sides want to avoid the risk and expense of further litigation.

The Settlement is on behalf of the plaintiffs who brought the case and all members of the settlement class. The Court has not decided this case in favor of either side.

6. What is a class action settlement?

A class action settlement is an agreement between the parties to resolve and end the case. Settlements can provide money to Class Members and changes to the practices that caused the harm.

7. What happens next in this lawsuit?

The Court will hold a Fairness hearing to decide whether to approve the settlement. The hearing will be held at:

Where:
Courtroom 5B (5th Floor)
Edward J. Schwartz United States Courthouse
221 West Broadway
San Diego, CA 92101

When:
10:00 am PT on February 9, 2026.

The Court has directed the parties to send notice about the proposed Settlement. Because the settlement of a class action decides the rights of all members of the proposed class, the Court must give final approval to the Settlement before it can take effect. Payments will only be made if the Court approves the Settlement.

You don’t have to attend, but you may at your own expense. You may also ask the Court for permission to speak and express your opinion about the settlement. If the Court does not approve the settlement or the parties decide to end it, it will be void and the lawsuit will continue. The date of the hearing may change without further notice to Class Members. To learn more and confirm the hearing date, visit this website periodically or call (833)417-4936 for updates.

Learning About the Settlement

8. What does the Settlement provide?

Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane have agreed to create a $10,000,000.00 fund to be divided among all Class Members. This money will be used to pay for costs and lawyer fees approved by the Court, and for the cost of administering this Settlement. The rest will be divided among the Class Members who complete a valid claim form. In exchange, the Members of the Settlement Class will “Release” their claims as part of the Settlement, which means they cannot sue Silvergate Bank, Silvergate Capital Corporation, or Alan J. Lane for the same issues and legal violations raised in this lawsuit. The full terms of the release can be found on the Important Documents page.

Payments to class Members that are not claimed will be redistributed among Class Members with eligible claims unless a redistribution proves to be uneconomical, in which case the money will be distributed to a residual fund authorized by the Court.

9. Why is $10,000,000.00 fair?

The lawyers for the plaintiffs believe the Settlement is fair because Silvergate Bank has gone out of business. Silvergate Capital, the parent company of Silvergate Bank, is also bankrupt. Silvergate Capital owes creditors more money than Silvergate Capital has available. The liability insurance available to defendants is effectively exhausted. In addition to defendants’ inability to pay a greater amount, plaintiffs face substantial risks and delays in proving their case and/or recovering damages. The lawyers believe that if the Settlement is not approved, there will be no recovery at all from this lawsuit.

10. Am I a class member?

If you sent or deposited fiat currency into an FTX- or Alameda-related Account at Silvergate Bank between April 1, 2019, and November 11, 2022, and on November 11, 2022, you still had an account on FTX.com or FTX.US that contained cryptocurrency, fiat currency, or both you are a class member.

There are exceptions. You are not a class member if:

• you did not have an FTX.com or FTX.US account that contained fiat currency, cryptocurrency, or both, on November 11, 2022;

• you are or were Silvergate’s employee, affiliate, legal representative, predecessor, successor or assign;

• you have or had a controlling interest in Silvergate;

• you are an employee affiliate, legal representative, predecessor, successor, or assign of any present or former FTX or Alameda entity;

• you are an entity in which FTX or Alameda has or had a controlling interest or which has or had a controlling interest in an FTX or Alameda entity;

• you are an immediate family member of Alan Lane;

• you are Plaintiffs’ counsel; or

• you are a judicial officer, or their staff or an immediate family member of a judicial officer, to whom this litigation is assigned.

If you are still unsure if are a class member, call (833)417-4936, email info@FTXBankSettlement.com, or submit a claim form to see if you are eligible.

11. How will my payment be determined?

The amount you receive as a settlement payment will be determined by dividing the value of your claim into the total value of all claims and multiplying the resulting fraction by the amount remaining in the settlement fund, after deducting the amounts approved by the Court to compensate the lawyers and payments to the plaintiffs. Because the amount you receive depends on the number and value of claims made, the lawyers are unable at this time to estimate how much you will receive.

Deciding What to Do

12. How do I weigh my options?

You have four options. You can stay in the settlement and submit a claim, you can opt out of the settlement, you can object to the settlement, or you can do nothing. This chart shows the effects of each option:

Submitting a Claim

13. How do I get a payment if I am a class member?

If you wish to receive money, you must submit a completed claim form to the Settlement Administrator either online or download a claim form here and mail to the Settlement Administrator at the address on the form.

14. Do I have a lawyer in this lawsuit?

In a class action, the Court appoints Class Representatives and lawyers to work on the case and represent the interests of all the class members. For this settlement, the Court has appointed the following individuals and lawyers.

Your lawyers: Girard Sharp LLP, Blood Hurst & O’Reardon LLP, Levine Kellogg Lehman Schneider and Grossman LLP, and Fitzgerald Monroe Flynn PC. These are the lawyers who represent the plaintiffs.

If you want to be represented by your own lawyer, you may hire one at your own expense.

15. Do I have to pay the lawyers in this lawsuit?

Lawyers' fees and costs will be paid from the Settlement Fund. You will not have to pay the lawyers directly.

To date, your lawyers have not been paid any money for their work or the expenses that they have incurred in connection with the case. To pay for their time and risk in bringing this case without any guarantee of payment unless they were successful, your lawyers will request, as part of the final approval of this Settlement, that the Court approve a payment of up to $3,300,000.00 total in attorneys’ fees plus the reimbursement of out-of-pocket expenses not to exceed $175,000.00.

Lawyers' fees and expenses will only be awarded if approved by the Court as a fair and reasonable amount. You have the right to object to the lawyers' fees even if you think the settlement terms are fair.

Your lawyers will also ask the Court to approve a payment of $10,000.00 to the Plaintiffs for the time and effort they contributed to the case. If approved by the Court, these payments will be paid from the Settlement Fund.

Opting Out

16. What if I don't want to be part of this Settlement?

You can opt out. If you do, you will not receive a payment and cannot object to the settlement. However, you will not be bound or affected by anything that happens in this lawsuit. That means you keep the right to sue Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane, or be part of another case against them about the issues in this lawsuit. If you have a pending lawsuit against Silvergate Bank, Silvergate Capital Corporation, or Alan J. Lane speak to your lawyer in that case immediately. You must exclude yourself from this Class to continue your own lawsuit.

17. How do I opt out?

To opt out of the settlement, you must write a letter and mail it by January 30, 2026, to the Settlement Administrator at:

FTX Bank Settlement
c/o Exclusion Requests
P.O. Box 25191
Santa Ana, CA 92799

Be sure to include your name, address, telephone number, and signature. If you are represented by your own counsel, be sure to include the signature of your counsel.

Be sure to also include an explicit and unambiguous statement that the person seeking exclusion falls within the definition of the Settlement Class and desires to be excluded from the Settlement Class.

Alternatively, you can complete and submit an opt out form online using the link above or by clicking here.

Objecting

18. What if I disagree with the Settlement?

If you disagree with any part of the Settlement (including the lawyers' fees) but don’t want to opt out, you may object. You must give reasons why you think the Court should not approve it and say whether your objection applies to just you, a part of the class, or the entire class. The Court will consider your views. The Court can only approve or deny the Settlement — it cannot change the terms of the Settlement. You may, but don’t need to, hire your own lawyer to help you. You will be responsible for compensating any lawyer that you hire.

To object, you must send a letter to the Court that:

1. is postmarked by January 30, 2026;

2. includes the case name and number (Bhatia v. Silvergate Bank et al, Case No. 3:2023-cv-01406).

3. includes your full name, address and telephone number, and email address (if you have one);

4. states under oath that you deposited funds into an FTX or Alameda-related account at Silvergate Bank between April 1, 2019, and November 11, 2022;

5. includes documentary evidence of a deposit of funds with Silvergate Bank during the relevant time period;

6. states the reasons for your objection, including any legal support;

7. if applicable, includes copies of any papers, briefs, or other documents upon which the objection is based;

8. says whether either you or your lawyer intend to appear at the final approval hearing;

9. the name, address, email address, and telephone number of every attorney representing you; and

10. your signature.

Mail the letter to:

Doing Nothing

19. What are the consequences of doing nothing?

If you do nothing, you will not get any money, but you will still be bound by the settlement and its “Release” provisions. That means you won’t be able to start, continue, or be part of any other lawsuit against Silvergate Bank, Silvergate Capital Corporation, or Alan J. Lane about the issues in this case. A full description of the claims and persons who will be released if this Settlement is approved can be found on the Important Documents page.

Key Resources

20. How do I get more information?

This website and the Notice are a summary of the proposed Settlement. The complete settlement with all its terms can be found here. To get a copy of the settlement agreement or get answers to your questions: