Fenwick & West, one of Silicon Valley’s most prominent law firms, has agreed to pay $54 million to settle class-action claims brought by former FTX customers in a Miami federal court. The settlement addresses allegations that the firm aided and abetted fraud by structuring corporate frameworks that helped FTX misappropriate customer funds and dodge regulatory oversight.
The firm denies any wrongdoing. Fenwick maintains it provided nothing more than conventional legal advice to the exchange. But $54 million is a lot of money to pay for services you insist were perfectly fine.
What the settlement covers, and what it doesn’t
The agreement, reached around May 22, 2026, resolves the class-action claims filed by FTX customers in Miami. It’s pending judicial approval, which means the deal isn’t technically done yet, but the terms are set.
Here’s the thing: this settlement only covers the Miami class action. A separate, much larger lawsuit targeting Fenwick and several of its individual partners remains very much alive in Washington, D.C. federal court. That suit seeks $525 million in damages.
