FTX legal professionals Sullivan & Cromwell (S&C) charged the bankrupt change $7.5 million for its work between Nov. 12 until Nov. 30, 2022, in response to a Feb. 7 court docket submitting.
The legislation agency stated the fees signify 80% of an precise “cheap and mandatory” compensation of $9.5 million. It added that it incurred further bills of $105,053 for its work throughout the interval.
Based on the submitting, over 150 workers spent 6,561 hours engaged on the FTX chapter case. The least FTX was billed was $550 per hour for an S&C worker, whereas companions charged charges as excessive as $2,165 per hour.
S&C famous that the fees for extra senior workers had been at a reduction in comparison with charges underneath its customary billing procedures. It added that:
“The providers carried out by S&C throughout the Price Interval signify one of the crucial difficult, multi-disciplinary workout routines by any legislation agency.”
FTX founder Sam Bankman-Fried beforehand accused the agency of pressuring him to file for chapter due to the charges it stood to earn. 4 U.S. lawmakers additionally objected to its appointment, citing a battle of curiosity over its earlier relationship with the bankrupt agency.
Nonetheless, FTX’s CEO, John Ray, defended the legislation agency, saying its providers had been important to safeguard the most effective curiosity of FTX and its stakeholders.
The submit FTX legal professionals S&C file $7.5M bill for November providers appeared first on CryptoSlate.
