FTX’s customer litigation has added another round of settlements. Outside counsel Fenwick & West agreed to pay $54 million to resolve claims tied to Sam Bankman-Fried’s fraud, while auditor Prager Metis agreed to pay $11.75 million and former NBA player Udonis Haslem agreed to pay $420,000. The agreements were filed in federal court in Miami before U.S. District Judge K. Michael Moore.
Claims focus on FTX’s handling of customer money
According to Reuters, lawyers for FTX customers accused Fenwick & West of helping structure systems that allowed the exchange to misuse customer funds. The Silicon Valley law firm denied wrongdoing and said it never knew about fraud inside FTX. These new deals add three defendants to earlier FTX class settlements approved between December 2024 and July 2025.
Those earlier settlements involved Sam Bankman-Fried, Caroline Ellison, Nishad Singh, Gary Wang and former Fenwick partner Dan Friedberg. The first wave also covered celebrity promoters including Shaquille O’Neal, Kevin Paffrath, Graham Stephan, Erika Kullberg, Andrei Jikh and Tom Nash.
Lawyers seek one class covering millions of users
Customer lawyers Adam Moskowitz and David Boies asked the court to certify a single class covering millions of FTX users. The proposed class includes users who held crypto, fiat, yield products or FTT tokens on the exchange. Court filings said FTX had served more than 1.2 million users before its collapse in November 2022.
Plaintiffs also asked the court to replace the FTX bankruptcy estate with JND Legal Administration for distribution matters. Their lawyers argued that the change could improve efficiency and lower costs for claimants. Under the proposed allocation method, bankruptcy recoveries would be deducted from total customer losses using CoinGecko pricing from May 14. FTT received through giveaways would be assigned zero value.
Separate lawsuits and objections are still moving
The Miami settlement resolves only one class action. Fenwick still faces a separate $525 million lawsuit in Washington, D.C., with allegations including malpractice, fraud and gross negligence against the firm and several attorneys.
A separate investor group from Hong Kong, Singapore, South Korea, the UK and the EU has also challenged the settlement process. The group says its losses exceed $500 million and asked for protection for its independent lawsuit. Bankman-Fried is currently serving a 25-year prison sentence after his fraud conviction, while continuing to appeal as the FTX bankruptcy estate distributes recovered assets to creditors.