Billy McFarland, one of the festival's co-founders, is currently serving a six-year prison sentence in connection to the failed event

By Katie Campione
April 15, 2021 10:23 PM
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fyre festival
Fyre Festival
| Credit: splash News

Four years after the disastrous Fyre Festival, attendees may finally receive recompense.

A $2 million class-action settlement was reached Tuesday in U.S. Bankruptcy Court in the Southern District of New York between the festival's organizers and 277 ticket holders, according to documents obtained by PEOPLE.

The final amount is still subject to the court's approval, though as it currently stands, each ticket holder would receive about $7,200.

Ben Meiselas, the lead lawyer representing the ticket holders and a partner at Geragos & Geragos, said in a statement to PEOPLE that he was glad to see "justice" served.

"Billy [McFarland] went to jail, ticket holders can get some money back, and some great documentaries were made," he wrote. "Now that's what I call justice."

Attorneys representing the trustee that oversees Fyre Festival LLC's assets did not immediately respond to PEOPLE's request for comment.

McFarland, one of the festival's co-founders, is currently serving a six-year prison sentence in connection to the failed event after he pleaded guilty in March 2018 to two counts of wire fraud, effectively swindling more than 80 investors out of a collective $26 million.

billy-mcfarland
Billy McFarland
| Credit: Mary Altaffer/AP

He and co-founder Ja Rule have faced dozens of lawsuits against their company following the ill-fated festival, in which music fans infamously shelled out upward of $1,595 for what they thought would be a weekend of fun in the sun on the Bahamian island of Great Exuma, with luxurious accommodations and extravagant meals promised as well as performances by the likes of Blink-182 and Migos (plus appearances by high-profile social media influencers including Kendall Jenner).

Instead, festival attendees touched down on the island and walked into chaos.

Flimsy tents replaced the deluxe housing promised, while cheese sandwiches were distributed from the back of trucks as meals.

Many of the artists had pulled out due to serious organizational flaws and ramshackle conditions. Worse yet, travelers were stranded there, sleeping in airport terminals waiting to get home.

The demise of the festival was documented in two documentaries, one on Netflix and another on Hulu.

RELATED VIDEO: Fyre Festival's Billy McFarland Is Asking for Early Prison Release Over COVID-19 Fears: Reports

One month after receiving his prison sentence, the beleaguered promoter opened up to PEOPLE, expressing regret for his decisions.

"I am incredibly sorry for my collective actions and will right the wrongs I have delivered to my family, friends, partners, associates and, you, the general public," McFarland told PEOPLE. "I've always sought — and dreamed — to accomplish incredible things by pushing the envelope to deliver for a common good, but I made many wrong and immature decisions along the way and I caused agony. As a result, I've lived every day in prison with pain, and I will continue to do so until I am able to make up for some of this harm through work and actions that society finds respectable."

Ja Rule and McFarland are not the only two to face lawsuits. In May 2020, Kendall Jenner agreed to pay $90,000 after being sued for promoting the failed music festival.

Model Emily Ratajkowski and musicians Migos, Pusha T, Blink-182 and Lil Yachty were also among the celebrities subsequently sued in the U.S. Bankruptcy Court in New York.