LGD filed an Amicus brief on behalf of a group of law professors who study and write extensively about bankruptcy and business law In Re: FTX Trading, et al., Case No. 23-2297 in the Third Circuit Court of Appeals. Jonathan Lipson, Professor of Law at Temple University’s Beasley School of Law and John Grogan, Irv Ackelsberg, and David Nadgeman of Langer Grogan & Diver serve as counsel for Amici Curiae.
The FTX Trading bankruptcy involves the sudden collapse of one of the largest cryptocurrency exchanges in the world, with claimed losses to customers and creditors measured in the billions of dollars. The appeal seeks the reversal of the bankruptcy court’s denial of the U.S. Trustee’s motion to appoint an independent examiner as mandated by the Bankruptcy Code. Amici support the U.S. Trustee’s position, and their brief explains an examiner’s role in providing accountability and transparency in the bankruptcy process for large bankruptcies of public importance. Appellees’ Response Brief is due October 2, 2023 and Appellant’s Reply Brief is due October 16, 2023 with oral argument to follow November 7, 2023.