Investors from the U.S. and Canada have dropped a lawsuit against embattled bitcoin exchange Mt.Gox and have instead agreed to back a plan to buy the company in the hope of clawing back their losses.
Under the agreement, which was announced late on Monday evening, these investors will join forces with a consortium called Sunlot Holdings and would settle two class-action lawsuits for fraud and other charges brought against the Tokyo exchange.
Sunlot, which is backed by child-actor turned entrepreneur Brock Pierce and William Quigley, the managing director at California-based Clearstone Venture Partners, aims to resurrect Mt.Gox and, if successful, would immediately distribute its assets on a proportional basis to the 127,000 affected customers.
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This article originally appeared on Recode.net.
