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FTX Bankruptcy: Counsel and Advisers Rack Up $38M in January Bills – Here's the Latest

The ongoing FTX bankruptcy saga has resulted in a staggering cost of legal fees, as revealed by recent court filings. In January alone, the total bill for legal work and expenses reached $38 million. Among the firms involved in the case, Sullivan & Cromwell has emerged as the biggest beneficiary. As the counsel responsible for discovery, asset disposition, and asset analysis/recovery, the firm submitted an invoice for $16.8 million to cover the 14,569 hours of legal work performed in January. This is a significant improvement for Sullivan & Cromwell, as they had faced the risk of being removed from the case in December. The Department of Justice objected to FTX hiring the firm claiming a conflict of interest in the proceedings. Sam Bankman-Fried further posted objections, claiming that law firm staff pressured him into declaring bankruptcy in November 2022. However, Sullivan & Cromwell received a vote of confidence when in Late January, a Delaware Court ruled they could continue to work on the case.

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