PANews, May 24: According to The Block, court documents show that Fenwick & West, a Silicon Valley law firm that served as FTX US’s primary external legal counsel prior to its 2022 collapse, has agreed to pay $54 million to settle allegations that it assisted Sam Bankman-Fried in carrying out fraud. This settlement is part of FTX’s second batch of settlements, which also include $11.75 million from auditing firm Prager Metis and $420,000 from former NBA player Udonis Haslem. The total amount of the second batch of FTX class action settlements amounts to approximately $66.17 million.
FTX's former law firm and auditor agree to a $66 million settlement over fraud claims.
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Summary
Fenwick & West, FTX US’s former law firm, has agreed to a $54 million settlement over fraud claims, according to court documents. The deal is part of a $66.17 million second batch of FTX class-action settlements, which also include $11.75 million from auditor Prager Metis. The CFTC probe continues to impact liquidity in crypto markets. Former NBA player Udonis Haslem also settled for $420,000.
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