A plan to wind down the estate of former Silicon Valley startup Jumio Inc. won final approval from a bankruptcy judge, bringing the contentious chapter 11 case nearer to a close, the Wall Street Journal reported today. Following a hearing on Wednesday, Bankruptcy Judge Brendan Shannon said that he would sign off on the identity-verification company’s debt-payment plan, overruling opposition from its former chief executive as well as some shareholders. The ruling represents a victory for early Jumio backers, such as venture-capital firm Andreessen Horowitz and Facebook co-founder Eduardo Saverin, who fought allegations that they had worked to rig the bankruptcy to their advantage. At the center of the plan is a settlement reached earlier this year that was backed by Saverin and Andreessen, as well as a committee representing shareholders. When it takes effect, the plan will largely shield Saverin and Andreessen from future lawsuits tied to the bankruptcy, although some shareholders retain the right to sue Saverin and others. One shareholder lawsuit against Saverin is already pending.
