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The US Justice Department is opposing the bankruptcy watchdog’s FTX bid for bankruptcy judge’s approval to hire law firm partner from Sullivan & Cromwell, which defended its disclosures about the prior work for the failed cryptocurrency exchange.
As a response to the disclosure authored by Sullivan & Cromwell’s lawyers who defended the firm’s recent work for exchange noting it to have been directly responsible to secure customer assets and sharing valuable information with the US prosecutors and regulators. The New York-based firm Sullivan& Cromwell is seeking the court’s approval to be appointed primarily as the bankruptcy counsel to FTX in a lucrative role that would likely allow the firm to reap around a hundred millions dollars in fees.
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