The FTX debtors said they had paid the 14 consultancy firms and the law firms handling its bankruptcy case over $100 million as of April 30, according to a May 30 court filing.
Sullivan & Cromwell is top earner
According to the filing, FTX paid law firm Sullivan & Cromwell (S&C) $39.58 million for its services, making it the highest earner among these firms.
S&C is the company’s restructuring counsel and has played an active role in FTX’s bankruptcy case. The law firm previously described its services to the bankrupt exchange as “one of the most complicated, multi-disciplinary exercises by any law firm.”
The firm was initially met with stiff opposition from Sam Bankman-Fried, who accused the law firm of pressuring him to authorize filing for bankruptcy in the days following FTX’s implosion. S&C’s involvement in the proceedings has also been challenged by U.S. lawmakers Thom Tillis, Elizabeth Warren, John Hickenlooper, and Cynthia Lummis, who cited its
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