Fyre Festival Ticketholders to Now Only Receive Measly $281 in Class-Action Payout
A previously-reached settlement of $7,220 USD has been slashed significantly
Published Jul 09, 2021Four years following the disastrous saga of the now-imprisoned Billy McFarland's Fyre Festival, 277 of the event's reported 8,000 ticketholders will finally see their payout in a class-action lawsuit. However, despite tickets costing $1,200 to upwards of $12,000 USD in some cases, festivalgoers are now due for a measly payout of just under $300 USD each.
According to court documents obtained by the New York Post, the festival's bankruptcy trustee Gregory Messer told a judge that he has only been able to collect $1.4 million USD of the cost to recoup the fest's massive financial losses — $1.1 million USD of which will go to lawyers and accountants.
"Obtaining recoveries in the case was extraordinarily difficult and challenging given the lack of books and records, that any physical assets that could have been liquidated were already seized by federal prosecutors," said Messer.
After paying out other various parties, that leaves the class-action filers with a measly $78,000 USD to divide amongst 277 attendees.
The festivalgoers were previously awarded $7,220 USD settlements each in court, though without much coin to go around amid the bankruptcy case, they may have to settle for just $281 USD each. Messer's proposal has yet to be approved by a judge.
Meanwhile, McFarland is currently serving a six-year prison sentence after pleading guilty to various fraud charges.