Bloomberg Law
Dec. 22, 2022, 2:10 AM

FTX Creditors Committee Taps Paul Hastings to Lead Legal Work

Roy Strom
Roy Strom

Law firm Paul Hastings won the competition to represent the creditors committee in the FTX bankruptcy, a lucrative position that gives the firm’s lawyers a prominent role in the closely watched proceeding.

Paul Hastings partners Kris Hansen and Chris Daniel are leading the representation, a firm spokesman confirmed. Reorg first reported Paul Hastings’ role.

Multiple law firms made presentations this week in front of a judge to win the work. The official nine-member committee formed last week includes investment firms from around the world, a unit of digital asset firm Genesis, and an individual investor.

FTX, once valued at over $30 billion, collapsed in spectacular fashion last month. The collapse has led to lawsuits from the US Securities and Exchange Commission and the Commodities Futures Trading Commission, as well as criminal charges against co-founder Sam Bankman-Fried.

Creditors committees form in large bankruptcies and are involved in most negotiations. They hire their own lawyers and financial advisors, whose fees are paid by the bankrupt estate. Committee lawyer fees are often among the highest in bankruptcies, typically trailing those paid to the debtor’s lead law firm.

For Paul Hastings, the assignment validates its hiring of more than 40 bankruptcy lawyers from Stroock & Stroock & Lavan earlier this year. Hansen was head of the restructuring group at Stroock before making the jump to Paul Hastings.

FTX’s co-founder Sam Bankman-Fried on Wednesday was extradited from the Bahamas to the US, where he faces criminal charges stemming from the collapse of the once-prominent crypto exchange.

The case is FTX Trading Ltd., Bankr. D. Del., 22 11068, 12/21/22.

To contact the reporter on this story: Roy Strom in Chicago at

To contact the editors responsible for this story: Chris Opfer at; John Hughes at