The proposed settlement agreement still requires approval from US District Judge K. Michael Moore in Miami. Attorneys representing FTX customers, including prominent litigator David Boies, argued the deal was reasonable and would prevent prolonged and costly litigation.
However, Fenwick rejected allegations that it knowingly participated in fraudulent conduct. In a public statement, the law firm said it “was not aware of the fraud at FTX,” adding that it stood by the integrity of its legal work. The $54 million agreement marks the largest settlement in a second wave of FTX-related class action resolutions.
Other settlements include an $11.75 million payment from former FTX auditor Prager Metis and a $420,000 settlement involving former Miami Heat player Udonis Haslem, who promoted the exchange.
The Journey So FarFTX collapsed in November 2022 after revelations that an estimated $11- $13 billion in customer funds had allegedly been diverted to its sister trading firm, Alameda Research. The exchange’s bankruptcy triggered widespread panic across the digital asset market and erased $200 billion in global crypto market cap.
Meanwhile, the FTX Recovery Trust has continued efforts to reimburse affected creditors under the company’s Chapter 11 restructuring process. In March 2026, the estate announced a fourth distribution of approximately $2.2 billion, bringing cumulative repayments to eligible claimants close to $10 billion. Several customer classes, including many US-based users, have reportedly reached full or near-full recovery levels under the court-approved repayment plan.
