FTX lawyers working on the crypto exchange’s bankruptcy case billed nearly $40 million in expenses in January, according to documents filed in court.
The lawyers are part of a group of legal experts hired to assist FTX in its Chapter 11 bankruptcy case, which was filed last year after the exchange faced a series of legal challenges and financial difficulties.
The high legal fees have raised concerns among some creditors and stakeholders, who question whether the expenses are reasonable and necessary for the bankruptcy proceedings.
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Three firms, totaling over 180 lawyers, have been assigned to the case, along with over 50 non-lawyer staff members such as paralegals.
Sullivan & Cromwell has been retained as counsel by bankruptcy administrators. They have also hired Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb to serve as special counsel in the proceedings.
According to court documents, Sullivan & Cromwell billed $16.8 million for 14,569 hours of work in January. Quinn Emanuel Urquhart & Sullivan invoiced $1.4 million, while Landis Rath & Cobb charged $663,995.
Image: DWI Springfield
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