{"id":296874,"date":"2023-02-08T14:50:32","date_gmt":"2023-02-08T14:50:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=296874"},"modified":"2023-02-08T14:51:18","modified_gmt":"2023-02-08T14:51:18","slug":"ftx-lawyers-file-7-5m-invoice-for-november-services","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ftx-lawyers-file-7-5m-invoice-for-november-services\/","title":{"rendered":"FTX lawyers S&C file $7.5M invoice for November services"},"content":{"rendered":"

FTX lawyers Sullivan & Cromwell (S&C) charged the bankrupt exchange $7.5 million for its work between Nov. 12 till Nov. 30, 2022, according to a Feb. 7 court filing.<\/p>\n

The law firm said<\/a> the charges represent 80% of an actual\u00a0 “reasonable and necessary”\u00a0 compensation of $9.5 million. It added that it incurred additional expenses of $105,053 for its work during the period.<\/p>\n

According to the filing, over 150 employees spent 6,561 hours working on the FTX bankruptcy case. The least FTX was billed was $550 per hour for an S&C employee, while partners charged rates as high as $2,165 per hour.<\/p>\n

S&C noted that the charges for more senior staff were at a discount compared to fees under its standard billing procedures. It added that:<\/p>\n

“The services performed by S&C during the Fee Period represent one of the most complicated, multi-disciplinary exercises by any law firm.”<\/p><\/blockquote>\n

FTX founder Sam Bankman-Fried previously accused<\/a> the firm of pressuring him to file for bankruptcy because of the fees it stood to earn. Four U.S. lawmakers also objected<\/a> to its appointment, citing a conflict of interest over its previous relationship with the bankrupt firm.<\/p>\n

However, FTX's CEO, John Ray, defended<\/a> the law firm, saying its services were essential to safeguard the best interest of FTX and its stakeholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

FTX lawyers Sullivan & Cromwell (S&C) charged the bankrupt exchange $7.5 million for its work between Nov. 12 till Nov. 30, 2022, according to a Feb. 7 court filing. The law firm said the charges represent 80% of an actual\u00a0 “reasonable and necessary”\u00a0 compensation of $9.5 million. It added that it incurred additional expenses of […]<\/p>\n","protected":false},"author":720,"featured_media":296902,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,1,60793],"tags":[76833,78317],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nFTX lawyers S&C file $7.5M invoice for November services<\/title>\n<meta name=\"description\" content=\"Over over 150 Sullivan & Cromwell (S&C) employees spent 6,561 hours working on the FTX bankruptcy case, according to court filing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ftx-lawyers-file-7-5m-invoice-for-november-services\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX lawyers S&C file $7.5M invoice for November services\" \/>\n<meta property=\"og:description\" content=\"Over over 150 Sullivan & Cromwell (S&C) employees spent 6,561 hours working on the FTX bankruptcy case, according to court filing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ftx-lawyers-file-7-5m-invoice-for-november-services\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-08T14:50:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-08T14:51:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/image_2023-02-08_195005336.png\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"378\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ftx-lawyers-file-7-5m-invoice-for-november-services\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ftx-lawyers-file-7-5m-invoice-for-november-services\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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