Sullivan Cromwell – DIGIT INFO

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

DIGIT — Sun, 26 May 2024 04:13:23 +0000

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 platform. Sullivan & Cromwell Cleared of Negligence in FTX Collapse Following a recent investigation, former U.S. […]

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

DIGIT — Sat, 11 May 2024 18:40:37 +0000

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 sanctions. Bloomberg’s Ava Benny-Morison and Chris Strohm were the first to report this development. Known for its expertise in fraud investigations and […]

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

DIGIT — Fri, 22 Mar 2024 18:45:56 +0000

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 Ethics From FTX Bankruptcy Proceedings The SSRN research paper entitled “Conflicting Public and Private Interests in Chapter 11” meticulously explores the controversial […]

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

DIGIT — Wed, 03 May 2023 07:34:56 +0000

After Sullivan & Cromwell, consulting firm Alvarez & Marsal billed the second largest amount for its finance and accounting work.

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

DIGIT — Wed, 08 Mar 2023 05:03:02 +0000

Millions have been invoiced from a host of law firms, investment bankers, consultants and financial advisers in FTX’s bankruptcy case.

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

DIGIT — Tue, 07 Feb 2023 20:35:10 +0000

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 is hopeful that the issue will be resolved through a mutually agreed upon solution between […]

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

DIGIT — Thu, 26 Jan 2023 05:19:47 +0000

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.

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

DIGIT — Sat, 21 Jan 2023 20:30:18 +0000

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 presentation, Friedberg claimed there was a conflict of interest between former and current FTX executives and FTX […]

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FTX CEO fights to keep lawyers as calls for removal intensify

DIGIT — Thu, 19 Jan 2023 02:03:10 +0000

Numerous parties have objected to the retention of Sullivan & Cromwell as lead counsel to FTX, citing conflicts of interest and insufficient disclosures.

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

DIGIT — Wed, 18 Jan 2023 18:30:47 +0000

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 presentation published by litigation firm Sullivan & Cromwell is “extremely misleading” and that FTX US is solvent […]

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