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Class Action Lawsuit Hits S&C

The class action lawsuit against Sullivan & Cromwell (S&C) alleges the firm’s deep involvement in the fraudulent activities of FTX, its former client. Plaintiffs claim S&C’s actions went beyond mere legal counsel, contributing to the massive losses suffered by FTX investors.

Collusion and Oversight Allegations

With a 75-page lawsuit in hand, the plaintiffs detail how S&C allegedly colluded with FTX insiders, violating legal and ethical standards. The lawsuit accuses the firm of aiding and abetting fraud, and even violating RICO statutes.

Financial Gains and Internal Affairs

Edwin Garrison and fellow plaintiffs highlight S&C’s intimate advisory role with FTX, pointing to financial transactions and communications that suggest S&C’s complicity. Reports suggest the law firm earned approximately $8.5 million in fees from FTX before its collapse.

The Aftermath of FTX’s Downfall

Post-bankruptcy, S&C’s revenue from overseeing FTX’s case reportedly surged past $180 million, raising questions about conflicts of interest. The firm’s monthly revenue from FTX-related work averaged around $11.8 million.

Connections and Conflicts

The narrative takes a critical turn with the spotlight on Ryne Miller, a former S&C attorney who became FTX’s general counsel, and the potential conflicts arising from his role. The case also mentions a controversial “back door” for funds to Alameda Research.

Industry Impact and Independent Examination

The lawsuit has reverberated throughout the industry, reaching the Senate and resulting in a mandate for an independent examination of FTX by the Third Circuit Court of Appeals in January 2024.

S&C and Binance: A New Oversight Role?

Amidst the legal turmoil, Sullivan & Cromwell is rumored to be on the brink of securing a role as an independent monitor for Binance Holdings Ltd., despite the ongoing controversy.

Conclusion

As Sullivan & Cromwell braces for the legal challenges ahead, the FTX saga continues to unfold, with the potential to redefine industry standards and legal practices in the volatile world of cryptocurrency.

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