FTX creditors drop class action lawsuit against law firm Sullivan & Cromwell

BlockBeats reported that on October 10, FTX creditors voluntarily withdrew the class action lawsuit filed against the US law firm Sullivan & Cromwell (S&C).

On February 16, a group of FTX creditors sued the law firm, accusing it of playing a role in FTX's multi-billion dollar fraud and gaining financial benefits from it. The lawsuit seeks damages for civil conspiracy, aiding and abetting breach of fiduciary duty, and aiding and abetting fraud.

S&C served as an external advisor on many of FTX's transactions and was responsible for overseeing FTX's bankruptcy proceedings. (Cointelegraph)