Fyre Festival settlement may award ticketholders more than $7,000 each

Taylor Martinez & The-CNN-Wire

Nearly four years after the infamous Fyre Festival flamed out, scammed ticketholders might finally see some restitution for the biggest party that never was.

A proposed settlement in federal bankruptcy court would give more than $7,000 apiece back to a few hundred people who, in the spring of 2017, arrived on a private island in the Bahamas to find none of the luxury accommodations or gourmet food they’d been promised when they signed up for “the cultural experience of the decade.”

Tickets for the event ranged between $1,000 and $12,000. But when festival-goers arrived, they were met with half-built tents, cheese sandwiches and all-around chaos.

If approved, the $2 million settlement in Manhattan federal bankruptcy court would at least partially reimburse some 277 ticketholders for their troubles.

A Los Angeles-based law firm, Geragos & Geragos, originally filed a $100 million class action lawsuit in 2018.

The firm representing the claimants will distribute the money to their clients once the Fyre Festival estate cuts them the settlement check per the proposed agreement.

CNN reached out to the law firm for comment but did not hear back.

A federal judge will address the proposed settlement and potentially approve it at a hearing scheduled for May 13.

Fyre Festival founder Billy McFarland is still in federal prison after being sentenced to six years on federal fraud charges related to the festival.

FILE – In this March 6, 2018 file photo, Billy McFarland, the promoter of the failed Fyre Festival in the Bahamas, leaves federal court after pleading guilty to wire fraud charges in New York. McFarland pleaded guilty, Thursday, July 26 to new fraud charges that could result in a prison sentence of over a decade. The plea from McFarland brought a speedy end to his prosecution for a set of new crimes that ensure he’ll spend more time in prison than if he had only been convicted of crimes related to the botched 2017 Fyre Festival on the Bahamian island of Exuma.(AP Photo/Mark Lennihan, File)

Prosecutors said he defrauded investors and ticket vendors of about $26 million.

Details of the festival, once promoted by famous models and millennial Instagram stars, inspired two popular documentaries on Netflix and Hulu.

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