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Sam Bankman-Fried's parents ask that FTX's lawsuit be dismissed

Market and Events: Sam Bankman-Fried's parents ask that FTX's lawsuit be dismissed

The parents of former FTX CEO Sam Bankman-Fried have asked that the lawsuit filed against them by the company be dismissed. They claim that the plaintiffs are trying to "cash in" on the fact that the defendants are related to the defendant - the former head of the cryptocurrency exchange.

According to court documents, Joseph Bankman and Barbara Fried categorically deny any wrongdoing and refute the allegations made against them by clients FTX and Alameda Research. They claim that many of the allegations lack substantial evidence.

FTX accuses Bankman and Fried of using their influence over their son to engage in illegal activities for personal gain. Representatives of the exchange strongly believe that the parents fraudulently took possession of millions of dollars. In addition, the complainants allege that Joseph Bankman held a senior position in the company.

The lawsuit alleges that the former CEO's parents used company funds to purchase an $18.9 million villa in the Bahamas. In addition, Bankman-Fried allegedly gifted them $10 million in cash that was attributed to a loan funded by #Alameda Research.

Defense attorneys argue that these transactions do not show any "self-interest" on the part of the defendants. They ask that FTX's lawsuit be dismissed based on Federal Rules of Civil Procedure 12(b)(6) and #bankruptcy procedure 7012(b).

"Mere allegations are insufficient to state a plausible claim. The complaint must allege sufficient facts to allow the court to draw a reasonable inference that the defendant is liable for the alleged misconduct,"court documents state.

It should be noted that #FTX intends to sell real estate owned by #Sam Bankman-Fried in the Bahamas.

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