Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
A defendant group has appointed international law firm Herbert Smith Freehills to defend against clawback claims totalling US$950 million made by the FTX Bankruptcy Estate.
United States
A defendant group has appointed international law firm Herbert
Smith Freehills to defend against clawback claims totalling US$950
million made by the FTX Bankruptcy Estate.
The international team advising these defendants is led by
Herbert Smith Freehills Prolegis' Director Daniel Chia in
Singapore and Herbert Smith Freehills partner Peter Behmke in New
York.
The defendant group comprises individuals and an executive
associated with Mirana Corp. The claims allege that these
defendants' VIP status on the FTX exchange allowed them to
pressure FTX employees to fulfil withdrawal requests in advance of
the bankruptcy filing in preference to other customers.
"This is a fast-developing aspect of bankruptcy law as
it applies to cryptocurrency structures, companies and
customers," said Mr. Behmke. "While different classes of
investors and creditors are clearly understood in traditional
bankruptcy proceedings, the speed and global digital structure of
the cryptocurrency industry, the as yet undefined nature of
cryptocurrency as an asset class, and the use of computer
algorithms to allegedly prefer one class of creditors over another
add additional complexity to this case."
The case is FTX Trading Ltd., 22-11068, in the US Bankruptcy
Court for the District of Delaware.
Contributor
Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
