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Silicon Valley Law Firm Fenwick & West Reaches $54M Deal in Lawsuits Tied to FTX Collapse.

Silicon Valley law firm Fenwick & West, which previously served as primary outside counsel for FTX US before its 2022 collapse, has agreed to pay $54 million to resolve claims that it played a role in enabling fraud connected to Sam Bankman-Fried, according to a court filing released on Friday.

The settlement is part of a broader second wave of FTX-related class agreements filed in federal court in Miami before U.S. District Judge K. Michael Moore. In the same set of proceedings, auditor Prager Metis agreed to pay $11.75 million, while former Miami Heat player Udonis Haslem will contribute $420,000 to settle allegations tied to promotional claims.

Despite Fenwick’s denial of any wrongdoing, the legal fallout remains ongoing. The firm is still a defendant in a separate $525 million lawsuit in Washington, D.C., brought by 20 FTX investors, which also names multiple attorneys and other parties and alleges malpractice, fraud, and gross negligence.