Funds from Fyre Competition chapter case paid victims simply 4% of cash owed
by: Ariel King
Jul 19, 2021
In 2017, attendees headed to the luxury-branded Fyre Competition placed on by Billy McFarland and Ja Rule made solution to a Caribbean Island for a enjoyable getaway weekend with top-tier expertise and lavish facilities. As soon as arriving, festival-goers have been confronted with restricted meals, soaked med tents as shelter, and no lineup. The now-infamous occasion has seeped its means into fashionable tradition as one of many worst-case eventualities one might conjure throughout the dwell occasions house. Briefly, Fyre Competition did change into means too good to be true.
Whereas the occasions of Fyre Competition occurred just a little greater than 4 years in the past, lawsuits tied to the occasion have dragged on. And for many who went to Fyre Competition, the saga continues as a category motion settlement that entitled attendees to $7,200 every will now solely see 4% of the cash that they’re owed, strolling away with simply $288.
The preliminary settlement, which was reached in April, anticipated to have a complete of $2 million that might pay out attendees. As an alternative, solely $1.4 million in belongings the place capable of be recovered from the failed firm, $1.1 million of which went again to authorized charges. Of the $2 million that was imagined to exit to pageant attendees, solely $300,000 remained.
In the meantime, Ja Rule nonetheless managed to revenue from the failed occasion, promoting a Fyre Competition NFT for $122,000. The rapper had been cleared of the $100 million lawsuit, whereas his enterprise associate, Billy McFarland, is at present serving a six-year federal jail sentence for fraud. In October, McFarland started a podcast from the Elkton Federal Correctional Establishment known as Dumpster Fyre.
Featured picture: Amanda Brooks/Vogue
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