McDermott Will & Emery, a New York-based law firm, has filed a court claim seeking $5.1 million in damages from the creditors of bankrupt cryptocurrency brokerage Voyager Digital. According to court documents filed on July 3, the law firm billed the "off icial committee of unsecured creditors" for legal services rendered between March 1 and May 13, 2023. The firm charged an hourly rate of $1,026.76 during that period. The services provided by McDermott Will & Emery included advising the committee on its powers and obligations under bankruptcy rules, attending meetings, negotiating with debtors and other interested parties, and preparing all necessary legal proceedings on behalf of the committee.
This filing represents the law firm's final bill, bringing the total damages sought for the period between July 5, 2022, and May 19, 2023, to $16.48 million. However, creditors have already paid $8.97 million of that amount. th noting that McDermott Will & Emery is not the only legal services provider seeking compensation from Voyager. On June 28, Kirkland & Ellis, another legal counsel, also submitted a claim for $1.1 million in April legal fees.
Voyager Digital filed for bankruptcy in July 2022, following the crypto lending crisis that affected the market and led to the collapse of several prominent crypto companies, including Celsius and BlockFi. At the time of filing, Voyager disclosed liabilities ranging from $ 1 billion to $10 billion . Alongside Voyager, other cryptocurrency firms such as Celsius and FTX have also faced substantial legal fees due to prolonged bankruptcy proceedings. FTX, for instance, incurred more than $120 million in financial and legal advisory fees between en Feb ruary 1 and April 30, 2023 .
