Law firm Fenwick agrees to pay $54 million in settlement over FTX work
Prominent U.S. law firm Fenwick & West has agreed to pay $54 million to resolve claims from customers of the collapsed cryptocurrency exchange FTX. The settlement addresses allegations that the firm played a role in enabling what has been described as one of the largest financial frauds in U.S. history.
Fenwick & West, a Silicon Valley-founded firm known for its work with technology clients, served as a lead outside law firm for FTX before its blockbuster collapse and bankruptcy in 2022. FTX had risen to prominence as one of the world's largest crypto platforms.
The law firm, which employs more than 500 lawyers, announced the settlement on Friday, May 22. In a statement, Fenwick maintained its stance on the matter.
"Fenwick was not aware of the fraud at FTX, stands by the integrity of its legal work, and disputes wrongdoing of any kind, as we have consistently stated throughout this matter," the firm said.
Fenwick & West added that it looks forward to "putting this matter behind us" and focusing on its business operations. The settlement aims to resolve claims brought by FTX customers.