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Fenwick & West reaches $54M deal to settle FTX litigation
Fenwick & West has agreed to pay $54 million to resolve claims from FTX Buying and selling Ltd. buyers as a part of a collection of settlements involving investor disputes over the autumn of the cryptocurrency change. (Picture from Shutterstock)
Fenwick & West has agreed to pay $54 million to resolve claims from FTX Buying and selling Ltd. buyers as a part of a collection of settlements involving investor disputes over the autumn of the cryptocurrency change.
The buyers requested a Florida federal decide Friday to log off on three proposed settlements within the multidistrict litigation over the collapse of FTX. Accounting firm Prager Metis has additionally agreed to pay $11.75 million, and Udonis Haslem, a former participant for the Miami Warmth, has agreed to pay $420,000 over his position in selling the platform, in keeping with a story by Law360.
“Given the choice of continued, lengthy and complicated litigation earlier than this courtroom, the dangers concerned in such litigation and the potential of additional appellate litigation, the provision of immediate reduction below the settlement is extremely useful to the category,” the buyers stated Friday of their motion for preliminary approval of the offers.
Fenwick & West represented FTX and cryptocurrency buying and selling firm Alameda Analysis, each run by imprisoned founder Sam Bankman-Fried, for a number of years. There have been quite a few lawsuits over the illustration, together with a separate wave of multidistrict litigation introduced by FTX buyers that was partially settled in February, in keeping with a story by Law.com.
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