Bankrupt crypto mining giant Core Scientific has agreed to a $14.75 million settlement to end class action claims from an investor accusing the company’s SPAC partner of misleading shareholders ahead of their blockbuster $4.3 billion merger.
The proposed resolution, filed Wednesday in Delaware Chancery Court, marks a crucial step in resolving allegations that the Power & Digital Infrastructure Acquisition Corp. (PDI) overstated the value of its deal with Core Scientific — one of the largest crypto mining mergers in history.
Investor Pushes Court to Approve Settlement
Plaintiff Brad Ihle, a Power & Digital investor, urged the court to approve what he called a “fair, reasonable, and adequate” deal, claiming it delivers “substantial benefits” to shareholders.
The settlement stems from a double-blind mediation process reached in August. Ihle agreed to the terms after weighing the limited insurance funds available and the risk that prolonged litigation would further erode those resources.
The proposed settlement, still pending court approval, would resolve breach of fiduciary duty claims tied to the SPAC’s management of the Core Scientific merger.
