Fenwick & West, the Silicon Valley law firm that served as FTX US's principal outside counsel before the exchange's 2022 collapse, has agreed to pay $54 million to settle claims that it helped enable Sam Bankman-Fried's fraud, according to a court filing on Friday.
The Fenwick settlement is the biggest piece of a second wave of FTX class settlements filed in federal court in Miami before U.S. District Judge K. Michael Moore. Auditor Prager Metis agreed to pay $11.75 million, and former Miami Heat forward Udonis Haslem, an FTX promoter, will pay $420,000.
Customers' lawyers told the court that Fenwick "helped to craft and implement strategies that facilitated FTX's fraud." Fenwick rejected that account in a statement to Reuters, saying it "was not aware of the fraud at FTX, stands by the integrity of its legal work, and disputes wrongdoing of any kind."
The filing folds in three more defendants on top of an earlier round of class settlements with 15 defendants that the court preliminarily approved in stages between December 2024 and July 2025. That first wave covered Bankman-Fried himself, former Alameda chief Caroline Ellison, ex-FTX engineering chief Nishad Singh, co-founder Gary Wang, former Fenwick partner Dan Friedberg (who later served as FTX's chief compliance officer), and 10 celebrity promoters including Shaquille O'Neal, Tom Nash, Kevin Paffrath, Graham Stephan, Andrei Jikh, and Erika Kullberg.
