Fenwick & West
Fenwick provides comprehensive legal services to technology and life sciences companies, as well as the investors that partner with them. We create innovative, cost-effective, and practical solutions for a range of issues, including venture capital, public offerings, joint ventures, M&A, and strategic relationships, as well as intellectual property, litigation and dispute resolution, taxation, antitrust, and employment and labour law.
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FTX’s legal counsel Fenwick & West reaches $54 million settlement, still faces $525 million in claims
According to SolanaFloor (@SolanaFloor), law firm Fenwick & West has reached a $54 million preliminary settlement agreement in a class-action lawsuit filed by former FTX customers, who alleged the firm aided Sam Bankman-Fried in carrying out billions of dollars in fraud. Fenwick & West denies any wrongdoing in the settlement agreement. However, the firm still faces another $525 million lawsuit brought by international investors, accusing it of playing a key role in building the now-defunct FTX exchange; legal proceedings related to FTX remain ongoing.
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SolanaFloor
FTX Second Batch of Class Action Settlements Total Approximately $66.17 Million, Fenwick & West Agrees to Pay
Odaily Odaily News Court documents show that Fenwick & West, a Silicon Valley law firm that served as the primary external legal counsel for the FTX US exchange before its collapse in 2022, has agreed to pay $54 million to settle allegations that it assisted Sam Bankman-Fried in committing fraud. This settlement is part of the second batch of FTX settlements, which also include audit firm Prager Metis paying $11.75 million and former NBA player Udonis Haslem paying $420,000. The total amount of the second batch of FTX class action settlements is approximately $66.17 million.
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FTX US
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FTX Victims Sue Law Firm Fenwick & West for $525 Million
According to Bloomberg Law, a group of victims who lost their life savings in the collapse of the FTX exchange filed a lawsuit on May 14 against Silicon Valley law firm Fenwick & West LLP, seeking $525 million in damages. The plaintiffs allege that the firm, having served as FTX’s primary outside legal counsel for years, knowingly assisted in establishing shell companies and implementing communications controls to conceal evidence—even while aware that FTX had breached its fiduciary duties and misappropriated billions of dollars in customer assets. FTX founder Sam Bankman-Fried was arrested following the exchange’s 2022 collapse and subsequently convicted on seven counts of fraud and money laundering, receiving a 25-year prison sentence.
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