Law firm Fenwick & West has asked a Florida federal judge to reject updated claims in a class-action lawsuit that accuses it of being central to the FTX fraud.
The lawsuit, first filed in 2023 by FTX users, was recently amended with new information from the FTX bankruptcy proceedings and the criminal trial of Sam Bankman-Fried.
The plaintiffs alleged Fenwick played a “key and crucial role” in how the FTX fraud was carried out.
Fenwick rejected the claims in its filing on Monday, calling them flawed. The firm said the accusations rely on the ordinary legal services it provided to FTX. “Fenwick is not liable for aiding and abetting a fraud it knew nothing about,” the filing stated.
Class-Action Lawsuit and “Stale Information”
The FTX fraud lawsuit is part of a broader multi-district class-action case filed after the collapse of the exchange in late 2022.
Plaintiffs previously filed claims against celebrities and firms, including Sullivan & Cromwell, but dropped them after investigators found no evidence the firm knew of FTX’s fraud.
Fenwick argued that the proposed updates rely on information already available for years. It said the new claims are “untimely — based on stale information that has been available to them for years — but also misleading and futile.”
The law firm added that the allegations mirror those once used “quite aggressively” against Sullivan & Cromwell before dismissal.
“They offer no credible reason why the same allegations should survive against Fenwick,” it wrote.
Nishad Singh Testimony Disputed
The amended FTX fraud lawsuit also cited testimony from Nishad Singh, FTX’s former lead engineer.
Singh allegedly suggested Fenwick knew about the misuse of customer funds and improper loans.
Fenwick disputed this interpretation, arguing Singh only testified that the firm advised on structuring founder loans, which are common in private companies.
The law firm noted that dozens of witnesses during the Sam Bankman-Fried trial confirmed the FTX fraud occurred without the knowledge of FTX’s in-house counsel, accountants, executives, or other outside law firms.
“Fenwick is no different,” the firm said, rejecting any claim that it knowingly participated in the FTX fraud.
Fenwick Rejects Securities Claims Over FTT Token
The updated class-action lawsuit also accused Fenwick of helping to launch and promote the FTX Token (FTT) in violation of Florida and California securities laws.
Fenwick dismissed these claims as far-fetched and late.
“These new claims come far too late,”
the filing said, adding that plaintiffs could have raised them earlier.
The law firm said the new allegations only appeared after a judge dismissed most claims against celebrity promoters of FTX, leaving only state securities charges in place. It argued that the attempt to classify lawyers as “promoters” of the FTT token should not succeed.
Fenwick told the court that both the fraud claims and the securities allegations fail to establish any valid liability against the firm.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
