It would be "unfair" and "inequitable" to let former FTX CEO Sam Bankman-Fried "drain" a $10 million company insurance policy to pay his legal bills, lawyers for troubled crypto firm FTX said in a court filing.
"Multiple other current and former directors, officers and employees are facing government inquiries and other claims covered by the D&O Policies. All are looking to the same, limited insurance," the FTX debtors said. "If the court is inclined to lift the automatic stay ... the court should enter relief broad enough to allow the insurers to pay any or all insureds, pursuant to the terms and conditions of the policies, and not just Mr. Bankman-Fried."
All Comments