Last month WorldVentures filed a proposed “compromise and settlement” reached with plaintiff Viva Voyage.

The proposed settlement was approved by the bankruptcy on October 4th.

As per the terms of the settlement, WorldVentures and Viva Voyage will equally split $574,180 held by the Court Registry.

The amount, at issue in both lawsuits, was deposited with the court as per a suggestion last October.

WorldVentures would go on to
file for Chapter 11 bankruptcy
in December 2020.

In addition to settling the disputed amount financially, the proposed settlement sees

Viva Voyage and WorldVentures provide mutual releases against each other;

voluntary dismissal of both Viva Voyage’s and WorldVentures’ respective lawsuits;

Viva Voyage agree to withdraw its proof of claim (filed as part of WorldVentures’ bankruptcy proceedings); and

Viva Voyage agree not to object to any Chapter 11 plan submitted by WorldVentures.

Viva Voyage filed suit against WorldVentures in May 2020, accusing the company of
“dangerously illegal conduct”
.

WorldVentures, through parent company Rovia, retaliated by filing their own lawsuit a few months later in August.

Viva Voyage initially filed suit in Florida. That case was later transferred to Texas and merged with WorldVentures’ retaliatory suit.

The bankruptcy court’s approval of the proposed settlement on October 4th brings proceedings to a close.

🤖 Quick Answer

What settlement did WorldVentures reach with Viva Voyage?
WorldVentures and Viva Voyage agreed to split $574,180 held by the Court Registry equally. The settlement includes mutual releases, voluntary dismissal of lawsuits, and Viva Voyage's withdrawal of its proof of claim filed during WorldVentures' Chapter 11 bankruptcy proceedings initiated in December 2020.

When was the proposed settlement approved?
The bankruptcy court approved the proposed "compromise and settlement" on October 4th. The disputed amount had been deposited with the court the previous October, serving as the basis for the settlement negotiations between both parties.

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