FTX fights objections over law firm as judge weighs approval

late Friday that Sullivan & Cromwell’s disclosures about its past work for FTX were “wholly insufficient” to determine if the firm has conflicts that could affect its representation.

FTX said it had provided additional disclosures to the U.S. Trustee about the firm's past work, and argued that the firm is not conflicted just because it advised the exchange prior to the bankruptcy. Sullivan & Cromwell partner Andrew Dietderich said in a declaration that the firm had counseled FTX on 20 separate matters prior to the bankruptcy.

Sullivan & Cromwell has said in court papers that it collected more than $8.5 million from FTX from July 2021 until the company filed for bankruptcy in November 2022, advising on “acquisition transactions and specific regulatory inquiries.”

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