FTX Lawyers Pay $54M In Settlement Over Services Rendered To Exchange – Details
In a noteworthy development, US law firm Fenwick & West has agreed to pay $54 million to settle claims arising from its legal services for the defunct crypto exchange FTX. The proposed settlement, filed in federal court in Miami on Friday, resolves allegations from FTX customers who accused the Silicon Valley-based firm of facilitating misconduct […]
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A group of former Mt. Gox customers have not given up on a bold plan to revive the defunct bitcoin exchange. The claimants are already involved in two proposed class-action lawsuits against Mt. Gox and their lawyers claim to have reached a deal with US-based investors to prop up the exchange. Details of the proposed settlement were filed with a District Court in Chicago on Monday. Under the proposed agreement the former exchange users would get a 16.5% stake in the 'new' Mt. Gox, while the investor group, Sunlot Holdings, would take over the company. Notably, the documents also call for....
Bitcoin enables people and enterprises all over the world to achieve some amazing things. One psychologist in Venezuela has been conducting sessions through Skype and accepts Bitcoin payments for services rendered. It is not uncommon for entrepreneurs and enterprises to accept Bitcoin payments for services rendered these days. However, a lot of these....
The ongoing legal battle over the future of Mt. Gox took a sudden turn yesterday, when it was announced that Sunlot Holdings, the investor group seeking to buy what remains of the business, and lawyers representing the company's global consumer creditors had struck a settlement deal. Under that proposal, former exchange users would support Sunlot's bid to buy and relaunch Mt. Gox in exchange for a 16.5% equity stake in the new business and settle with key defendants, including former Mt. Gox chief marketing officer Gonzague Gay-Bouchery and original site creator and equity stakeholder Jed....
The proposed plan to revive bankrupt Japan-based bitcoin exchange Mt. Gox has received a key preliminary nod of approval. The news comes roughly one week after an initial hearing delayed any decision at the request of lawyers representing Tibanne KK and Mt. Gox CEO Mark Karpeles. Jay Edelson, a US lawyer representing the country's domestic exchange users, indicated that the plan was approved in a Northern District of Illinois court, and that this move clears the way for it to be more formally vetted in Japan. Edelson told CoinDesk: "The court granted our motion for preliminary approval of....
There was big news last week when a major New York law firm (started in the 18th century) decided to accept bitcoin. They're McLaughlin & Stern, and their big reason for adopting the digital currency was to be on the "cutting edge of law and technology." Other firms may have taken notice. Another New York law firm, NS Wasserstein & Associates, PLLC, has announced they they too have joined the bitcoin train by accepting the digital currency for services rendered in effort to get "ahead of the curve." "Digital currencies are here to stay," said Nat Wasserstein of the firm. ""Not only that,....