Fenwick & West has agreed to pay $54 million to settle claims tied to its legal work for collapsed crypto exchange FTX, according to reports published today. Plaintiffs alleged the law firm helped structure entities and transactions that enabled misuse of customer funds before FTX’s 2022 collapse.
The proposed settlement was filed in federal court in Florida and still requires judicial approval. Reuters reported that the agreement resolves claims from FTX customers who accused the firm of helping facilitate one of the largest financial frauds in U.S. history.
The settlement does not end Fenwick’s legal exposure. Separate litigation seeking roughly $525 million against the firm and some individual partners is still active in Washington, D.C.