Sullivan & Cromwell partner Brian Glueckstein said the sheer volume of claims involved in the case—around nine million in total—makes it a candidate for keeping smaller settlements moving without court oversight as a way of avoiding spending more time and money than necessary.
August 23, 2023 at 06:12 PM
4 minute read
The original version of this story was published on Delaware Business Court Insider
After some initial pushback from the U.S. trustee’s office, FTX will soon be able to move forward with settling relatively small estate claims without input from the U.S. Bankruptcy Court for the District of Delaware.
Judge John T. Dorsey heard argument Wednesday afternoon on the motion to create procedures to settle claims for less than $7 million, ultimately granting it after debtors’ counsel agreed to revisions that require broader notice before each settlement is finalized.
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File: FTX founder Sam Bankman-Fried leaves the Manhattan federal courthouse on Tuesday, January 3, 2023. (Credit: Ryland West/ALM/File)
