The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division has announced that investors from Tennessee can begin filing claims for compensation related to a multi-million dollar settlement with GSB Gold Standard Corporation AG and GS Partners starting February 21, 2025. This settlement involves a German-based company operating in the fintech and banking sectors, as well as GS Partners and the GSB Group, which includes affiliated entities and Josip Heit, the Chairman of GS Partners.
GS Partners, claiming over 800,000 investors across more than 170 countries, is involved in transactions nearing $1 billion. The company has offered products that were often linked to various tangible and intangible investments. Tennessee consumers who invested with GSB Gold Standard Corporation AG or GSB Gold Standard Bank LTD will be eligible to reclaim the value of their investments or deposits, minus any withdrawals. The claims process will be open for 90 days, beginning on February 21.
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The claims procedure, as part of a multistate settlement, will be managed by AlixPartners LP, a firm experienced in handling large-scale investment refunds in collaboration with state and federal regulators. Investors can start their claims through the portal available here once it opens.
TDCI Assistant Commissioner of Securities Elizabeth Bowling encourages Tennesseans who have engaged with GSB Group to reach out to the Division of Securities for assistance with the claims process. Consumers can contact the division by phone at (615) 741-5900 or online for further information.
The investment offerings in question were associated with digital assets and the metaverse, including the “G999 token,” a digital asset on a proprietary blockchain, “XLT Vouchers,” digital assets representing ownership in a skyscraper, and investments in a metaverse “staking pool” known as “Lydian World.”
The settlement requires the respondents to return all funds and cryptocurrencies invested or deposited with GSB Group, GS Partners, and its affiliates, irrespective of the product or service purchased. All communications with TDCI’s Securities Division will remain confidential as per legal requirements.
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