Terraform Labs has been granted permission to hire Dentons US LLP as its special counsel in its ongoing Chapter 11 bankruptcy case, as ruled by a Delaware federal bankruptcy judge. The judge’s decision came alongside an agreement on the part of Dentons to return $48 million of a $70 million retainer. The retainer agreement had previously been met with objections.
Details surrounding the specifics of the aforementioned objections are not entirely disclosed. However, the ruling signifies a procedural milestone in Terraform’s current Chapter 11 case.
Both Terraform Labs and Dentons US LLP have thus far declined to comment on the rulings or the returned retainer funds.
More information regarding this ongoing legal matter can be found here.