FTX Customers Seek to Update Lawsuit Against Fenwick & West Following New Evidence from Bankman-Fried’s Trial
Main Idea
FTX customers are updating their lawsuit against Fenwick & West, citing new evidence from Sam Bankman-Fried’s trial that implicates the law firm in FTX’s fraudulent activities and collapse.
Key Points
1. New evidence from Sam Bankman-Fried’s trial reveals Fenwick & West’s significant role in FTX’s fraudulent operations, prompting customers to amend their lawsuit.
2. FTX insiders, including co-founder Nishad Singh, testified about Fenwick’s involvement in structuring fraudulent activities during Bankman-Fried’s trial.
3. An independent examiner in FTX’s bankruptcy proceedings found Fenwick had 'exceptionally close relationships' with FTX executives and facilitated conflicted actions.
4. Fenwick is accused of creating shell companies and misleading investors and regulators, as well as designing and promoting FTX’s financial instruments.
5. Fenwick previously moved to dismiss the lawsuit, arguing it cannot be held accountable for a client’s wrongdoing, citing lack of evidence.
Description
FTX customers are updating their lawsuit against Fenwick & West, claiming new evidence from Sam Bankman-Fried’s trial shows the law firm played a crucial role in the exchange’s collapse. New
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