Non-US Zeek victims may be getting wire transfers
To date the Zeek Receivership has paid out on claims to over 100,000 Zeek Rewards victims. This includes victims both in and out of the United States.
As defined in the court-approved distribution plan, victims distribution payments have been made via check.
Unfortunately for some non-US victims, they have been unable ‘to locate a financial institution willing to accept such checks‘. This is likely due to Receiver issued checks ‘written in U.S. dollars and drawn on a U.S. bank‘.
As such payments to these victims remain pending.
Seeking to address the issue, the Zeek Receiver has approached the court with a proposal.
If granted, the Receiver’s March 29th proposal will see non-US Zeek victims unable to cash checks paid out via wire transfer.
Under the proposal
- wire transfers will be made only in US dollars
- victims consenting to a bank wire payment will bear all costs associated with making a wire transfer (including the cancelling of any issued checks), subtracted from their distribution payment
- victims opting for a wire transfer will release the Zeek Receivership of any liability associated with the senting of the wire
- qualifying victims will be able to opt for periodic wires or a lump-sum wire once the distribution process draws to a close
Note that the wire transfer proposal only applies to existing claims, wherein non-US Zeek victims have received a check they can’t cash, or have not yet been sent a distribution check but have filed an approved claim.
The Receiver’s Motion is currently before the court and awaiting approval.
Footnote: Our thanks to Don@ASDUpdates for providing a copy of the Zeek Receiver’s March 29th “Motion For Limited Modification Of Order Approving Distribution Procedures And Certain Other Related Relief” filing.