Investor Alert

April 16, 2021, 12:35 p.m. EDT

Attendees of Fyre Festival awarded nearly $2 million in class-action settlement

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Netflix Inc. (NFLX)
  • X
    Bitcoin USD (BTCUSD)
  • X
    Ethereum USD (ETHUSD)

or Cancel Already have a watchlist? Log In

By Weston Blasi

Ticket holders for the infamous Fyre Festival were awarded nearly $2 million as part of a class-action lawsuit, according to a report from Billboard . Each of the 277 attendees will be awarded $7,220 as part of the suit.

The 2017 Fyre Festival event in the Bahamas was organized by Billy McFarland and rapper Ja Rule, but ultimately failed and never took place. McFarland later pleaded guilty to one count of wire fraud and a second count to defraud a ticket vendor — he is still imprisoned.

“It’s a small but significant step for ticket holders who were defrauded and had their lives upended as a result of the fraudulent conduct by McFarland,” Ben Meiselas, partner at Geragos & Geragos and lead attorney for the class-action representing the ticket holders, told Billboard.

At this time, it it unclear who would be paying the settlements.

Two popular documentaries about the failed festival debuted on Hulu and Netflix /zigman2/quotes/202353025/composite NFLX +0.86% , respectively, in 2019.

Fyre Festival was in the news recently because a famous tweet about the festival’s food is set to be auctioned as an NFT.

An  NFT is a verifiable digital asset  vouchsafed by blockchain technology. NFTs are not exchangeable like currencies, as each is unique and can’t be replicated. NFTs use blockchain, the technology ledger backing cryptocurrencies like bitcoin /zigman2/quotes/31322028/realtime BTCUSD -4.21%  and ethereum /zigman2/quotes/108573964/realtime ETHUSD -3.06% ,  which are databases of linked information to record ownership or transactions of a product.

The owner of the food tweet, Trevor Dehaas, is hoping to use the funds from his NFT sale to get a needed kidney transplant procedure, according to his Twitter /zigman2/quotes/203180645/composite TWTR -0.04% feed.

US : U.S.: Nasdaq
$ 503.84
+4.29 +0.86%
Volume: 3.13M
May 7, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$223.40 billion
Rev. per Employee
US : CoinDesk
-2,484 -4.21%
Volume: 0.00
May 9, 2021 9:00a
US : Kraken
-117.84 -3.06%
Volume: 541.64M
May 9, 2021 8:59a
$ 53.79
-0.02 -0.04%
Volume: 21.75M
May 7, 2021 4:03p
P/E Ratio
Dividend Yield
Market Cap
$42.93 billion
Rev. per Employee

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.