Athena Bitcoin agreed to a $4.5 million settlement, but claimants may have less than $3 million to split

Crypto ATM firm Athena Bitcoin’s proposed $4.5 million settlement over telemarketing texts will face its final review in federal court on Aug. 10. Judge Mark E. Walker will consider whether to approve the agreement, class counsel’s proposed fee and a representative award.

The settlement remained pending at the reporting cutoff.

The case alleges that Athena sent more than one promotional text within a 12-month period to certain recipients more than 30 days after they had sent a message consisting only of “STOP.” Athena has denied wrongdoing or any violation of the law, and the settlement does not constitute a court finding that the allegations are true.

The federal class covers residential subscribers across the US from Aug. 20, 2020, to Aug. 20, 2024, and excludes business numbers. A separate class covers qualifying Florida recipients under the Florida Telephone Solicitation Act, using different eligibility thresholds.

Both classes would share the same $4.5 million settlement fund, which Athena Bitcoin agreed to create and is subject to final approval.

The court recorded class counsel’s intent to seek 33% of the fund, or $1.48 million, plus costs and expenses not expected to exceed $30,000, in its March 11 preliminary-approval order.

If the court grants the proposed fee and litigation expenses are $30,000 or less, nearly $3 million would remain before any representative award and the costs of notifying class members and administering the settlement.

The arithmetic does not establish the final pool available for payments.

The court-authorized settlement FAQ says each eligible participant’s payment will also depend on the number of timely, valid claims.

The pre-hearing materials available on Aug. 10 did not provide an accepted-claim count or the final court-approved deductions, so a per-claimant payment could not be calculated.

Both classes draw from the common fund, so every approved deduction reduces the amount available for qualifying claims.

Any payments remain contingent on the court approving the agreement and the settlement becoming final. Until a ruling addresses the agreement and requested deductions, the $4.5 million remains a proposed common fund.

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