According to court filings on Feb. 7, FTX attorneys Sullivan & Cromwell (S&C) have sued the bankrupt exchange for $7.5 million for its business from Nov. 12 to Nov. 30, 2022. charged dollars.
a law office Said This claim represents 80% of the actual “reasonable and necessary” compensation of $9.5 million. It added that work during the period resulted in an additional cost of $105,053.
More than 150 employees spent 6,561 hours on FTX’s bankruptcy case, according to filings. For an S&C employee, FTX’s minimum charge was $550 per hour for him, but partners charged him as much as $2,165 per hour.
S&C noted that fees for more senior staff are discounted compared to fees under standard billing procedures. It added:
“The services S&C performs during the fee period are among the most complex and multidisciplinary operations of any law firm.”
FTX founder Sam Bankman-Fried had previously accused FTX of pressured him to file for bankruptcy because of the fees it wanted to earn. objected to the appointment on the grounds of a conflict of interest over the relationship.
However, FTX CEO John Ray has defended the law firm, saying its services are essential to safeguarding the best interests of FTX and its stakeholders.
Post FTX attorney S&C filed a $7.5 million bill for November services when it first appeared on CryptoSlate.
