Law firm Sullivan & Cromwell, working on the bankruptcy case of the FTX crypto exchange, will earn at least several tens of millions of dollars. And as a result, several hundred million dollars can come out, as the costs are constantly growing.
The whole point, Bloomberg experts say, is the complexity of the case – the collapse of the crypto exchange immediately affected a whole network of companies, and also revealed previously unknown details of the FTX business model. The trial is set for October, which means Sullivan & Cromwell has eight months to sort things out. The law firm has already hired more than 150 professionals, including experts with rates ranging from $1,400 to $2,165 per hour.
Sullivan & Cromwell said in a statement that these rates are in line with market rates for other law firms. Moreover, these fees are approved at a discount.
However, according to Temple University law professor Jonathan Lipson (Jonathan Lipson), such a large expense may be justified, since there is a possibility that lawyers will help investigators recover a larger amount of money from FTX.
Earlier this month, four US senators asked the bankruptcy judge in the FTX case to appoint an impartial expert to assess the role of law firm Sullivan & Cromwell in the case.
Source: Bits
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