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QuadrigaCX founder's widow to return $9M worth of estate assets to affected users

Image Credit: Engadget

Tue, 08 Oct 2019, 05:56 am UTC

Jennifer Robertson, the widow of QuadrigaCX’s founder Gerald Cotton, is returning about CAD $12 million ($9 million) of assets to EY Canada, the firm’s bankruptcy trustee, as part of a voluntary settlement.

I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected Users,” she said in a statement obtained by CoinDesk.

She said that she believed that the assets were purchased using her husband’s legitimately earned profits, salary, and dividends.

I was upset and disappointed with Gerry’s activities as uncovered by the investigation when I first learned of them, and continue to be as we conclude this settlement.

Robertson also assured she had “made every effort” to assist in the recovery of QuadrigaCX’s assets after her husband’s death in late 2018.

EY Canada reported that Robertson will be returning all assets except about $162,700 in personal assets, including cash, her retirement savings, a 2015 Jeep Cherokee, some jewelry (including her wedding band), personal furnishings, clothing, and some outstanding shares of Quadriga and affiliated entities.

The audit firm said it plans to liquidate the assets for the stakeholders of Quadriga, including those clients who lost funds. The report also noted that a settlement enabled the parties to prevent legal fees, and Robertson will no longer get any payments under a previous court order.

As part of the settlement, Robertson will also provide a sworn statement specifying the current and previous assets she owned in the past 5 years. The agreement can be voided if she fails to disclose any of the said assets.

The new update follows after EY previously requested a Nova Scotia Supreme Court judge to change the jurisdiction of its case from Halifax to Toronto to make court appearances easier and avoid unnecessary costs.

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