Even for a busy lawyer at a big corporate law firm, billing close to 11 hours a day on a single case, five days a week for 18 months straight is no easy feat. That’s the average pace Brian Glueckstein has kept up as one of the lead lawyers in the FTX bankruptcy since it began in November 2022, David Thomas reports. All those hours – including 342 in December 2022 alone – have helped his law firm Sullivan & Cromwell amass close to $200 million in billings as debtor’s counsel in the sprawling case so far.
Legal Fee tracker is a new weekly feature with Reuters’ David Thomas following the money paid out to law firms. See you next week!
Here’s a look at some ongoing bankruptcy cases that the ruling could impact.
The court also rejected the SEC’s in-house enforcement of laws protecting investors against securities fraud, dealing a blow to the agency’s powers in a ruling that could reverberate through other federal regulators. Read the opinion.
Saba Capital, the hedge fund led by prominent investor Boaz Weinstein, has been on a year-long campaign to oust BlackRock trustees from several investment funds with roughly $10 billion in assets. So far, Saba hasn’t managed to muster enough votes to win control — but it says that’s because BlackRock’s illegal election rules serve to entrench the trustees it appointed when the asset manager created the funds. Alison Frankel reports on two new court rulings that seem likely to prolong this fight.
