Beneficient Announces Final Court Approval of GWG Litigation Settlement

Beneficient (Nasdaq: BENF), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets, today announced that the United States District Court for the Northern District of Texas (the “District Court”) has approved the previously disclosed settlement agreement resolving all claims pending in the District Court under the previously disclosed lawsuits relating to GWG Holdings, Inc. (“GWG”) against the Company, its subsidiaries, and each of their current and former directors and officers (the “Beneficient Parties”).

As previously announced, the Company entered into a binding settlement agreement to resolve all GWG-related claims brought in the District Court and the United States Bankruptcy Court for the Southern District of Texas (such litigation, the “GWG Litigation”) for a sum within applicable insurance policy limits. As a result of this approval, all the GWG Litigation against the Beneficient Parties will be fully and finally resolved in accordance with the terms of the settlement agreement. The settlement resolves all such claims against the Beneficient Parties without any admission, concession or finding of any fault, liability or wrongdoing by the Company or any defendant.

“We are pleased that the District Court delivered the final approval necessary to effect the settlement, allowing us to move forward with a renewed focus on executing our business strategy and creating value for our shareholders,” said James Silk, interim Chief Executive Officer.

Following the final settlement of the GWG Litigation, other outstanding GWG-related claims against parties other than the Beneficient Parties remain outstanding, including certain claims against entities related to Beneficient's former CEO to whom Beneficient may owe certain indemnification obligations.

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