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Crypto bankruptcies net law firms $751M in fees

[Aug 30 11:09 AM] Four law firms collectively earned $484 million from their work on the crypto bankruptcies, representing 64% of all fees requested and received in these cases.

Report: Investigation Finds No Fault With Sullivan & Cromwell in FTX Bankruptcy

[May 25 10:13 PM] An investigation into the law firm Sullivan & Cromwell LLP, which worked with the now-defunct crypto exchange FTX, revealed that the firm was neither involved in the fraud nor aware of the financial troubles that plagued the collapsed trading…

US Justice Department Chooses FRA Over Sullivan & Cromwell for Binance Oversight

[May 11 12:40 PM] The Justice Department has designated Forensic Risk Alliance (FRA) as the external monitor for Binance Holdings Ltd. This decision comes in the wake of Binance’s acknowledgment of breaching U.S. anti-money laundering regulations and…

Bankruptcy law firm S&C absolved from misconduct, according to new FTX proposal

[May 8 2:56 AM] FTX’s amended plan contains an exculpation clause that could absolve Sullivan & Cromwell, along with all debtors, of future liabilities.

New Research Paper Sheds Light on Alleged Conflicts of Interest in FTX’s Chapter 11 Filing

[Mar 22 12:30 PM] A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal…

FTX advisors billed the bankrupt firm for a whopping $103M in Q1

[May 2, 2023 11:03 PM] After Sullivan & Cromwell, consulting firm Alvarez & Marsal billed the second largest amount for its finance and accounting work.

Lawyers picnic: FTX counsel and advisors rake in $34M in January

[Mar 7, 2023 11:03 PM] Millions have been invoiced from a host of law firms, investment bankers, consultants and financial advisers in FTX’s bankruptcy case.

FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns

[Feb 7, 2023 11:30 AM] Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge…

FTX lawyers: Examiner could cost $100M and ‘provide no benefit’

[Jan 25, 2023 11:02 PM] FTX lawyers, joint provisional liquidators of FTX US and the Bahamas and a committee of creditors have all opposed the appointment of an independent examiner.

Objections Raised Over Appointment of Sullivan & Cromwell as Debtors’ Counsel for FTX

[Jan 21, 2023 2:30 PM] On Friday, bankruptcy judge John Dorsey approved the law firm Sullivan & Cromwell (S&C) to be appointed as the debtors’ counsel for FTX, despite an objection from Daniel Friedberg, a former FTX US compliance officer. During a Zoom…

FTX CEO fights to keep lawyers as calls for removal intensify

[Jan 18, 2023 8:03 PM] Numerous parties have objected to the retention of Sullivan & Cromwell as lead counsel to FTX, citing conflicts of interest and insufficient disclosures.

Sam Bankman-Fried Disputes FTX US ‘Shortfall’ Claims, Critics Skeptical of Excel Spreadsheet Defense

[Jan 18, 2023 12:30 PM] Following an update from FTX debtors about the $5.5 billion discovered by administrators during an investigation, former FTX CEO Sam Bankman-Fried (SBF) took to Twitter to share a blog post from his Substack newsletter. SBF stated that the…

Bankruptcy Lawyers Say FTX Was Operated by ‘Inexperienced and Unsophisticated Individuals’

[Nov 23, 2022 11:30 AM] On Tuesday, the attorneys representing FTX told the court that a “substantial amount of assets have either been stolen or are missing” and further stressed to the bankruptcy court that FTX executives left the lawyers James Bromley and Sullivan…