Democratic Voice USA

Democratic Voice USA Democracies should work to support their core principles at home and around the world. The following

India suspends visa services in Canada as diplomatic crisis escalatesIndia tourist visa is seen in a passport in Brampto...

India suspends visa services in Canada as diplomatic crisis escalates
India tourist visa is seen in a passport in Brampton, Ontario, Canada, on March 17, 2022.

Nurphoto | Nurphoto | Getty Images

India suspended visa applications in Canada on Thursday, escalating the festering diplomatic crisis between the two countries.

The recent feud was sparked by the Canadian government’s announcement of “credible allegations” the Indian government orchestrated the extra-judicial slaying of a Sikh separatist in Canada.

The move will curtail India travel for Canada-based applicants and follows a travel advisory urging Indian nationals to “exercise utmost caution” while traveling in Canada and a reciprocal expulsion of senior diplomats. New Delhi had slammed Canadian Prime Minister Justin Trudeau’s claims as “baseless” and “absurd” and accused Ottawa of being sympathetic to anti-India causes.

“Important notice from India Mission. Due to operational reasons, with effect from 21 September 2023, Indian visa services have been suspended till further notice,” a ticker announcement on the website of BLS International, a third-party service provider acting on behalf of the Indian government in Canada, said Thursday.

India’s Ministry of External Affairs and Canada’s High Commission in India were not immediately available to respond to CNBC requests for comment.

Canada’s closest allies — Australia, United Kingdom and the United States — have articulated their concern regarding the deepening bilateral crisis. If allegations are true, this may well derail the U.S. courtship of India as a partner in a broader Indo-Pacific strategy aimed at countering China.

As it stands, Canada halted trade talks with India ahead of the recent Group of 20 nations leaders’ summit in Delhi, where Trudeau said he raised the issue with his Indian counterpart, Prime Minister Narendra Modi.

Sikh separatist Hardeep Singh Nijjar was reportedly helping to organize an unofficial global referendum among the Sikh diaspora when he was killed on June 18 by two masked gunmen in the parking lot of the Guru Nanak Sikh Gurdwara, the Sikh temple in Surrey, British Columbia, where he was president.

New Delhi had labeled him a terrorist in 2020, accusing him of plotting multiple targeted murders through the years, charges that Nijjar had denied. He had settled in suburban Vancouver and ran a plumbing business after apparently first migrating from India in the 1990s and gaining citizenship in March 2015.

While Canada views peaceful Sikh activism as part of free expression, India views Canada’s continued tolerance as an endorsement of Sikh separatism that it regards as an infringement on its domestic affairs.

Under the leadership of the Congress Party, India eventually crushed the bloody insurgency that shook the country in the 1970s and 1980s when the minority Sikhs agitated for an independent Sikh homeland in the northern Indian state of Punjab, claiming thousands of lives in the process. Sikh bodyguards were convicted of the 1984 assassination of then-Prime Minister Indira Gandhi.

—CNBC’s Naman Tandon contributed to this article.

Source link:

The post India suspends visa services in Canada as diplomatic crisis escalates appeared first on Democratic Voice USA.

Top Stories

India tourist visa is seen in a passport in Brampton, Ontario, Canada, on March 17, 2022.Nurphoto | Nurphoto | Getty ImagesIndia suspended visa

On Women’s Quota Bill, M Kharge’s ‘Kaal Kare So Aaj Kar’ Jab At JP NaddaMallikarjun Kharge is a Congress MP and the Lead...

On Women’s Quota Bill, M Kharge’s ‘Kaal Kare So Aaj Kar’ Jab At JP Nadda

Mallikarjun Kharge is a Congress MP and the Leader of the Opposition in the Rajya Sabha.

New Delhi:

The Rajya Sabha was ‘alive with the sound of poetry’ Thursday after Congress boss Mallikarjun Kharge quoted Kabir’s iconic ‘kaal kare so aaj kar’ couplet to attack the Bharatiya Janata Party over delays in implementing the women’s reservation bill, which sailed through the Lok Sabha last night.

Mr Kharge called on the government to amend the bill and allow 33 per cent of seats in the Lower House and state legislatures to be reserved for women in time for the 2024 election. At present the bill requires a census and a delimitation – neither likely before 2029 – before it comes into effect.

“Amendment of this bill is not difficult… you (the government) can do this now but have postponed it till 2031. What does this mean?” Mr Kharge said, demanding to know “When reservations (for women) can take place for panchayat polls and zilla panchayat polls, why not this also for women?”

“Do it today… I will tell you Kabir’s poem – ‘kaal kare so aaj kar, aaj kare so ab…’ (Whatever you have to do tomorrow, do it today. Whatever you have to do today, do it now),” he shouted above the ruckus as Rajya Sabha Chairperson Jagdeep Dhankhar grinned and gestured to him to take his seat.

READ | NDTV LIVE COVERAGE: Women’s Reservation Bill In Rajya Sabha

Mr Dhankhar then invited the BJP chief, JP Nadda, to respond.

The Congress leader, though, was not done and continued to press the government to amend the women’s quota bill and ensure its immediate implementation. “This is why you should do this now… do it today, we are ready. It is not illegal… nothing,” Mr Kharge insisted to the Chair.

The ruckus prompted a now-not-grinning Mr Dhankhar to grab his microphone (turn down Mr Nadda’s demands to speak immediately) and call for peace. “Honourable members… we are the Upper House… a house of elders…,” he said, after which he then allowed the BJP MP to speak.

READ | NDTV Explains: How Soon Can Women’s Quota Bill Come Into Effect

“I want to make one thing clear… BJP’s intention (regarding delayed implementation of the bill)… it is not to score points or get political advantage. We want to implement this bill for women… but we want to do it the right way… by following the Constitution!” Mr Nadda retorted

The Kharge-Nadda face-off underlines the government-vs-opposition gulf on this bill.

The government insists any delay in implementation is to ensure transparency in deciding seats to be reserved for women, and the only way to do this is to hold a census and then allow the delimitation panel to select seats to which parties can only field women candidates.

Responding to the opposition’s fierce attacks in the Lok Sabha, Union Home Minister Amit Shah had said, “Delimitation Commission is an important body for poll process in the country. If we are reserving one-third seats… who will do it? If we do it, you (the opposition) will question it…”

READ | Why Delay, Delimitation: Amit Shah On Opposition’s Big Women’s Quota Query

The opposition, however, insists that the provisions are a way to allow the BJP to gain political mileage and votes ahead of elections this year and the next without committing itself to the law.

The opposition has also questioned the timing of this bill, which has been tabled in a special convened five-day session of Parliament called just months before the 2024 Lok Sabha election.

Congress MP Rahul Gandhi said on Wednesday, “… the idea that you need a new census for this bill and a new delimitation (seems strange). I think this bill can be implemented today. I wonder (if) this (the census and delimitation requirements) is not designed to push it (implementation of the bill) forward by seven or eight years and let it play out the way it does.”

Source link:

The post On Women’s Quota Bill, M Kharge’s ‘Kaal Kare So Aaj Kar’ Jab At JP Nadda appeared first on Democratic Voice USA.

India, Indians Abroad, JP Nadda, Mallikarjun Kharge, Women's reservation bill, womens reservation bill cleared, womens reservation bill details, womens reservation bill latest, Womens Reservation Bill live updates, womens reservation bill lok sabha, womens reservation bill lok sabha news, womens reservation bill news, womens reservation bill passed, womens reservation bill rajya sabha news

Mallikarjun Kharge is a Congress MP and the Leader of the Opposition in the Rajya Sabha.New Delhi: The Rajya Sabha was 'alive with the sound of poetry'

Hollywood studios, writers near agreement to end strike, hope to finalize deal Thursday, sources sayMembers of the Write...

Hollywood studios, writers near agreement to end strike, hope to finalize deal Thursday, sources say
Members of the Writers Guild of America (WGA) and the Screen Actors Guild walk the picket line outside of Fox Studios in Los Angeles, California, on August 9, 2023. Film and TV production ground to a halt 100 days ago when writers downed their pens, only to be joined on the picket lines in mid-July by actors.

Chris Delmas | Afp | Getty Images

Writers and producers are near an agreement to end the Writers Guild of America strike after meeting face to face on Wednesday, people close to the negotiations told CNBC.

The two sides met and hope to finalize a deal Thursday, the sources said. While optimistic, the people noted, however, that if a deal is not reached the strike could last through the end of the year.

On Wednesday evening, the WGA and the Alliance of Motion Picture and Television Producers released a joint statement that the two groups met for bargaining and would meet again on Thursday.

WGA members have been on strike for more than 100 days — with actors joining the picket line in July — leaving Hollywood production of TV shows and movies at a standstill. Production has been halted for several high profile shows and films, including Netflix’s “Stranger Things,” Disney and Marvel’s “Blade” and Paramount’s “Evil.”

Earlier in the week, the writers’ union said it would resume negotiations with the studios.

This appears to be the closest the two sides have come to a resolution since the more than 11,000 film and TV writers went on strike beginning May 2. They have argued their compensation doesn’t match the revenue that’s been generated during the streaming era.

Beyond higher compensation, the WGA has been pushing for new rules that would require studios to staff TV shows with a certain number of writers for a certain period. The writers are also seeking compensation throughout the process of preproduction, production and postproduction. As of now, writers are often expected to provide revisions or come up with new material without being paid.

In late August, the AMPTP went public with their latest proposal to the WGA at the time and tensions between the two groups appeared to remain high.

Discussions between the studios and writers have included sit-down conversations with top media brass, including Warner Bros. Discovery CEO David Zaslav, Disney’s Bob Iger, Netflix co-CEO Ted Sarandos and NBCUniversal film head Donna Langley.

The strikes have weighed on these media companies as they grapple with making streaming profitable and getting people back in theaters.

Warner Bros. Discovery — the owner of a TV and film studio, as well as the largest portfolio of pay-TV networks — warned investors of the effects of the strikes earlier this month when it adjusted its earnings expectations. The company said it now expects its adjusted earnings before interest, taxes, depreciation and amortization will take a hit of $300 million to $500 million, putting it in the full-year range of $10.5 billion to $11 billion.

At a conference earlier this month, Zaslav called for an end to the writers and actors strikes.

“We need to do everything we can to get people back to work,” Zaslav said at an investors’ conference. “We really have to focus as an industry, and we are, on trying to get this resolved in a way that’s really fair.”

Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal is a member of the Alliance of Motion Picture and Television Producers.

Source link:

The post Hollywood studios, writers near agreement to end strike, hope to finalize deal Thursday, sources say appeared first on Democratic Voice USA.

General News, National, US, Breaking News: Business, business news, Comcast Corp, Entertainment, Media, Netflix Inc, Walt Disney Co, Warner Bros Discovery Inc

Members of the Writers Guild of America (WGA) and the Screen Actors Guild walk the picket line outside of Fox Studios in Los Angeles, California, on

Canada cuts India embassy staff; Indian firm says visa services suspendedComment on this storyCommentNEW DELHI — Canada’...

Canada cuts India embassy staff; Indian firm says visa services suspended
Comment on this storyComment

NEW DELHI — Canada’s embassy in India said Thursday it would “temporarily adjust staff presence” to protect its diplomats from threats, as a dispute between the two countries escalates over the killing of a Sikh separatist leader in British Columbia.

The Canadian High Commission in India said in an email that it was taking this action after some diplomats “received threats on various social media platforms” and “in light of the current environment where tensions have heightened.”

The statement followed a travel advisory from India’s Foreign Ministry urging its citizens to “exercise utmost caution” when traveling in Canada. An Indian visa application center on Thursday also posted “an important notice from the Indian mission” on its website which said visa services for Canadian citizens were suspended.

India expels Canadian diplomat as dispute over alleged assassination escalates

Tensions are rising after Canadian Prime Minister Justin Trudeau alleged that India may have been behind the shooting of Sikh leader Hardeep Singh Nijjar, and Canada expelled an Indian diplomat it identified as a senior intelligence officer.

Since Trudeau’s explosive speech to Parliament, the dispute this week has resulted in a tit-for-tat expulsion of diplomats and brought relations down to their lowest point.

India has denied Trudeau’s accusation, describing it as “absurd and motivated” while accusing Canada of an anti-Indian agenda.

In its travel advisory, India’s External Affairs Ministry cited what it said were “anti-India activities and politically-condoned hate crimes” in the country. “All Indian nationals there and those contemplating travel are urged to exercise utmost caution,” the ministry said.

Dominic LeBlanc, the Canadian Minister of Public Safety, dismissed the advisory, calling Canada a safe country. “I took note of India’s travel advisory. People can read into that what they want,” he told reporters on Wednesday.

Indian anger against Canada grows over perceived support of separatist Sikhs

BLS International, the Indian company offering visa facilities, cited “operational reasons” for the suspension of visa services “till further notice,” without elaborating.

India’s Ministry of External Affairs declined to offer immediate comment on Thursday.

Canada’s High Commission in India said the embassy and all consulates in India remained open, operational and serving clients despite the staffing changes.

“We expect India to provide for the security of our accredited diplomats and consular officers in India, just as we are for theirs here,” it said in an emailed statement on Thursday.

A Canadian citizen who was born in India, Nijjar was shot dead in June by masked gunmen outside a Sikh temple in British Columbia.

Who was Hardeep Singh Nijjar, the Sikh separatist killed in Canada?

He served as a leader in Canada’s Sikh diaspora and supported a movement known as Khalistan calling for the establishment of a sovereign state for the Sikh population in Punjab.

India has long accused the Canadian government of sympathizing with Sikh separatists such as Nijjar, whom it considered a terrorist, while Canada has denied those claims.

Francis reported from London. Karishma Mehrotra in New Delhi and Andrew Jeong in Seoul contributed to this report.

Understanding India-Canada relations

View 3 more stories

Source link:

The post Canada cuts India embassy staff; Indian firm says visa services suspended appeared first on Democratic Voice USA.


Comment on this storyCommentNEW DELHI — Canada’s embassy in India said Thursday it would “temporarily adjust staff presence” to protect its diplomats from

Apple, Goldman Sachs were planning a stock-trading feature for iPhonesAs equities soared in 2020 and consumers flocked t...

Apple, Goldman Sachs were planning a stock-trading feature for iPhones

As equities soared in 2020 and consumers flocked to trading apps like Robinhood, Apple and Goldman Sachs were working on an investing feature that would let consumers buy and sell stocks, according to three people familiar with the plans.

The project was shelved last year as the markets turned south, said the sources, who asked not to be named because they weren’t authorized to speak on the matter.

The effort, which has not been previously reported, would have added to Apple’s suite of financial products powered by Goldman. Apple first teamed up with the Wall Street bank to offer a credit card in 2019, and then added buy now, pay later (BNPL) loans and a high-yield savings account. The company said last month that the savings account offering had climbed past $10 billion in user deposits.

Representatives for Apple and Goldman declined to comment.

Apple CEO Tim Cook holds a new iPhone 15 Pro during the ‘Wonderlust’ event at the company’s headquarters in Cupertino, California, U.S. September 12, 2023.

Loren Elliott | Reuters

Apple was working on the investing feature at a time of zero interest rates during Covid, when consumers were stuck at home and spending more of their time and their record savings in trading shares, including meme stocks like GameStop and AMC, from their smartphones.

Apple’s conversations with Goldman began during that hype cycle in 2020, two sources said. Their work progressed, and an Apple investing feature was meant to roll out in 2022. One hypothetical use case pitched by executives involved the ability for iPhone users with extra cash to put money into Apple shares, one person said.

But as markets were roiled by higher rates and soaring inflation, the Apple team feared user backlash if people lost money in the stock market with the assistance of an Apple product, the sources said. That’s when the iPhone maker and Goldman switched directions and pushed the plan to launch savings accounts, which benefit from higher rates.

The status of the stock-trading project is unclear after Goldman CEO David Solomon bowed to internal and external pressure and decided to retrench from nearly all of the bank’s consumer efforts. One source said the infrastructure for an investing feature is mostly built and ready to go should Apple eventually decide to move forward with it.

The Apple Card launched with much fanfare three years ago, but the business brought regulatory heat and racked up losses as its user base expanded. Earlier this year, Goldman rolled out a high-interest savings account for Apple Card users, offering a 4.15% annual percentage yield.

Goldman was also central to Apple’s BNPL offering. The product, called Apple Pay Later, can be used for purchases of $50 to $100 “at most websites and apps that accept Apple Pay,” according to the support page. Borrowers can split a purchase into four payments over six weeks without incurring interest or fees.

Before Goldman’s pivot away from retail banking, the company examined ways to expand its partnership with Apple, sources said. More recently, Goldman was in discussions to offload both its card and savings account to American Express.

Had plans for the trading app progressed, Apple would have entered a market with stiff competition, featuring the likes of Robinhood, SoFi and Block’s Square, along with traditional brokerage firms such as Charles Schwab and Morgan Stanley’s E-Trade.

Stock trading has become another way for financial firms to keep customers and drive engagement on their platforms. Apple was pursuing the same approach, one source said. It’s a move that could capture the interest of regulators, who have scrutinized Apple for its App Store practices. Robinhood has also been grilled by regulators for what they described as “gamifying” markets.

Other tech companies have been pushing into the space. Elon Musk’s X, formerly known as Twitter, is working on a way to let users buy stocks and cryptocurrencies through a partnership with eToro. PayPal had plans to launch stock trading after hiring a key industry executive in 2021. But the company abandoned those plans, and said on an earnings call that it would cut spending and refocus on its core e-commerce business.

WATCH: Goldman’s Apple Card faces mounting credit losses

Source link:

The post Apple, Goldman Sachs were planning a stock-trading feature for iPhones appeared first on Democratic Voice USA.

Tech, AMC Entertainment Holdings Inc, American Express Co, Apple Inc, Block Inc, Breaking news, Breaking News: Markets, Breaking News: Technology, business news, Charles Schwab Corp, Economy, Elon Musk, GameStop Corp, Goldman Sachs Group Inc, Markets, Morgan Stanley, PayPal Holdings Inc, Robinhood Markets Inc, SoFi Technologies Inc, Stock markets, Technology

As equities soared in 2020 and consumers flocked to trading apps like Robinhood, Apple and Goldman Sachs were working on an investing feature that would

The Lawyers Sam Bankman-Fried Once Trusted Are Drawing CriticismJust before FTX collapsed in November, one of its outsid...

The Lawyers Sam Bankman-Fried Once Trusted Are Drawing Criticism
Just before FTX collapsed in November, one of its outside lawyers at the law firm Sullivan & Cromwell emailed a colleague at another firm, insisting that the cryptocurrency exchange’s finances were stable.

Rumors of FTX’s demise were “silliness,” the lawyer, Andrew Dietderich, wrote. “FTX is rock solid, doesn’t use customer funds or take credit risk at all,” he said.

Four days later, FTX filed for bankruptcy. Mr. Dietderich quickly arranged for Sam Bankman-Fried, the exchange’s founder, to step down so that a new chief executive, John Jay Ray III, a specialist in corporate turnarounds, could lead the company. When Mr. Ray needed lawyers to manage the bankruptcy, a lucrative assignment, he asked a judge to appoint the same ones who had helped get him the job: Sullivan & Cromwell.

Now, with Mr. Bankman-Fried set to go on trial next month on fraud charges stemming from FTX’s failure, Sullivan & Cromwell’s tangled history with the exchange is drawing scrutiny — especially from Mr. Bankman-Fried’s lawyers and family.

For months, Mr. Bankman-Fried has attacked Sullivan & Cromwell in court papers and on social media, arguing that the firm’s lawyers set him up as the fall guy for FTX’s implosion while downplaying their own involvement with the exchange. The dispute became even more personal this week when FTX sued Mr. Bankman-Fried’s parents, seeking to claw back millions of dollars and claiming the exchange had operated like a “family business.”

Criticism of Sullivan & Cromwell has become more widespread recently, as the firm has racked up over $100 million in legal fees from FTX’s bankruptcy. This summer, its lawyers clashed with representatives for FTX’s millions of disgruntled creditors over the firm’s legal strategy and the pace of its efforts to recover billions in missing assets.

“They were involved before the bankruptcy,” said Sunil Kavuri, an FTX creditor who lost more than $2 million in the collapse. “They should’ve been aware of what was going on.”

The dispute over Sullivan & Cromwell’s relationship with FTX shows the range of powerful institutions that were eager to help Mr. Bankman-Fried during his rapid rise, even as he resisted basic due diligence and eschewed traditional corporate governance. And it offers a preview of a conflict that may unfold at Mr. Bankman-Fried’s trial in Manhattan, where he is expected to shift some of the blame for FTX’s bankruptcy to Sullivan & Cromwell and a second law firm that advised him, Fenwick & West.

In court filings, Mr. Bankman-Fried’s lawyers have suggested that they may raise a so-called advice of counsel defense to argue that those firms approved many of FTX’s actions. Prosecutors have argued that the judge overseeing the trial should not permit Mr. Bankman-Fried to blame his lawyers, because the founder often lied about how his business was using its money. They also said he should have to disclose whether he relied on legal advice from his parents, who are longtime Stanford law professors.

A spokesman for FTX said Mr. Bankman-Fried’s claims were “a biased story line” intended to unfairly blame the professionals trying to recover money. A representative for Sullivan & Cromwell declined to comment. In court, the law firm has said that FTX was never a “regular client,” and that the firm had put in place procedures to guard against conflicts of interest during the bankruptcy.

A spokesman for Mr. Bankman-Fried declined to comment. The FTX founder has pleaded not guilty to charges that he orchestrated a scheme to funnel billions in customer money into venture investments, real estate purchases and political donations. His trial is scheduled to begin on Oct. 3.

One of the oldest law firms in New York, Sullivan & Cromwell began handling legal matters for FTX in summer 2021 after one of its partners, Ryne Miller, was hired as general counsel of FTX.US, the exchange’s American arm.

Over the next year and a half, the firm worked on 20 legal matters for FTX and its sister hedge fund, Alameda Research, court records show, including discussions with federal regulators at the Commodity Futures Trading Commission. Sullivan & Cromwell received a total of about $8.5 million for the work.

Mr. Bankman-Fried has said that beyond those specific matters, he worked out of Sullivan & Cromwell’s offices in New York while visiting from FTX’s Bahamas headquarters. And when FTX started teetering in November, Mr. Dietderich emailed a lawyer working on the bankruptcy of Voyager Digital, a crypto firm that FTX was trying to acquire, to assure him that the exchange “doesn’t lend” its customers’ money.

It turned out he was wrong. As FTX plunged into crisis the next day, Mr. Miller sought a $4 million retainer for Sullivan & Cromwell so the firm could work on a possible bankruptcy filing, according to messages he sent at the time. Soon, Sullivan & Cromwell lawyers alerted the authorities to possible criminal malfeasance at FTX, while Mr. Dietderich encouraged Mr. Bankman-Fried to let Mr. Ray take over the exchange.

In essence, Sullivan & Cromwell worked both sides of the crisis. When FTX was a darling of the corporate and political elite, the firm’s lawyers helped Mr. Bankman-Fried navigate Washington as he pushed to loosen regulations. After FTX failed, Sullivan & Cromwell worked closely with federal prosectors, supplying them with key corporate records.

In January, the U.S. trustee assigned to FTX’s bankruptcy raised the prospect of removing Sullivan & Cromwell from the case, citing its failure to disclose all of its past work for FTX. Around the same time, four U.S. senators released a letter arguing that Sullivan & Cromwell had a conflict of interest because the firm might bear some responsibility for FTX’s failure. But the trustee backed down after the firm made a more detailed disclosure, and a judge allowed the lawyers to continue overseeing the bankruptcy, saying he saw “no evidence of any actual conflict.”

Mr. Bankman-Fried has remained fixated on Sullivan & Cromwell. His lawyers have argued that the firm is providing evidence to the prosecutors that reflects poorly on Mr. Bankman-Fried, while withholding material that could help the defense. Prosecutors have denied that claim, writing in court papers that FTX and its lawyers “have been responding to the government’s document requests voluntarily.”

After Mr. Bankman-Fried’s arrest, his mother, Barbara Fried, contacted one of her Stanford colleagues, the legal ethics scholar Bill Simon, and asked him to evaluate Sullivan & Cromwell’s conduct in the bankruptcy. Mr. Simon, a family friend, spent about nine hours discussing the case with Mr. Bankman-Fried in June, he said in an interview, before writing an unpublished article criticizing the firm, which he shared with The New York Times.

“It is hard to see how the lawyers could have done their jobs during the period in which they represented FTX,” he wrote, without familiarizing themselves with practices that “are now condemned as irresponsible or worse.”

Rebecca Roiphe, a former prosecutor and a professor at New York Law School, said it was fair to raise questions about potential conflicts of interest when a law firm represented a company both before and during a government investigation that might involve related work.

“But this is not uncommon and doesn’t necessarily prove wrongdoing,” she said, adding that Mr. Simon had asked her to review his article.

At the same time that Sullivan & Cromwell has clashed with Mr. Bankman-Fried, the firm has faced pushback from FTX’s creditors. They have complained that the law firm has failed to maximize proceeds from the sale of the exchange’s assets. So far, the lawyers say they have recovered about $7 billion, but it’s unclear how much of that will be returned to customers, who have filed $16 billion in claims, court filings show.

The dispute spilled into public in July when a group appointed to represent FTX’s creditors in the case said Sullivan & Cromwell had ignored its suggestions about how to resolve the bankruptcy. The law firm responded that some creditors were engaging in “unprofessional conduct” — the lawyers had been left perturbed after a meeting in which at least one creditor used a four-letter word to express frustration, two people familiar with the exchange said.

None of those conflicts have stemmed the flow of payments to Sullivan & Cromwell, which has more than 200 lawyers, paralegals and support staff members working on FTX’s bankruptcy, the most senior of whom charge $2,165 an hour.

In its most recent monthly bill, Sullivan & Cromwell said it was owed more than $10 million for its work on the bankruptcy, including over 100 charges for meetings, calls or correspondence with the federal prosecutors pursuing Mr. Bankman-Fried.

Source link:

The post The Lawyers Sam Bankman-Fried Once Trusted Are Drawing Criticism appeared first on Democratic Voice USA.

Business, Corporate

Just before FTX collapsed in November, one of its outside lawyers at the law firm Sullivan & Cromwell emailed a colleague at another firm, insisting


Simgapore Lane
Houston, TX


Be the first to know and let us send you an email when Democratic Voice USA posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Democratic Voice USA:



Other Houston media companies

Show All