The Bahamas lawyers up as the FTX case proceeds in US court and disagreements fester

1 year ago 106

Brown Rudnick has worked for the state since March, but the nation's perchance expanding relation successful the lawsuit requires it to registry successful the United States arsenic a overseas agent.

The Bahamas lawyers up   arsenic  the FTX lawsuit  proceeds successful  US tribunal  and disagreements fester

Ho-ho-ho! Get Limited Holiday Trait!

Collect this nonfiction arsenic an NFT

The Bahamas volition person ineligible practice successful the unfolding FTX case. The Caribbean federation chose Brown Rudnick arsenic counsel “in definite matters of engagement related to the illness of FTX Digital Markets Ltd.,” alongside Bahamian lawyers and different experts, according to a connection released by the instrumentality firm. 

FTX Digital Markets is headquartered successful the Bahamas, and the apical absorption of the institution lived successful that country. Cases against the members of the absorption squad are present being heard successful the United States aft erstwhile CEO Sam Bankman-Fried’s extradition from the Bahamas.

Brown Rudnick has been working for the Bahamas since March 2022 to make a nationalist argumentation connection connected integer assets. The steadfast was reengaged by the state aft the FTX collapse, and filed a registration connection with the U.S. Department of Justice, arsenic required by the Foreign Agents Registration Act of 1938, precocious successful December, saying:

“Some of the Registrant's activities whitethorn impact mentation and dissemination of informational materials and different engaging with U.S. authorities agencies and the U.S. media.”

Brown Rudnick whitethorn besides hole written contented for societal media connected the behalf of the Bahamas, it said.

You would deliberation that a Government of nationalist relations similar this 1 would astatine slightest spot a Bahamian steadfast to get the occupation done.

A section steadfast starring the complaint with planetary assistance would person been the amended approach. But arsenic usual, Davis listens to the FNM erstwhile it's excessively late. https://t.co/WxJps0spZ6

— Michael C. Pintard (@PintardMP) December 30, 2022

The Bahamas has been progressive successful the FTX case from its commencement and differences with U.S. prosecutors began astir immediately. A competing Chapter 15 bankruptcy assertion was filed successful a U.S. court by the Bahamas the time aft FTX filed for Chapter 11 bankruptcy.

Related: Trouble successful the Bahamas pursuing FTX collapse: Report

The Securities Commission of the Bahamas (SCB) ordered each FTX Digital Markets digital assets transferred to a wallet it controlled aft the opening of the bankruptcy cases, leading to disapproval from the caller FTXmanagement that burgeoned into accusations that the SCB had asked Bankman-Fried to make a caller tokenfor it and that it was attempting to favor the country’s citizens successful the claims against the company.

Read Entire Article