A litigation boutique known for specializing in cryptocurrency lawsuits has recently resolved a contentious legal battle with one of its founding partners. The firm, Freedman Normand Friedland, and ex-partner Jason Cyrulnik have agreed to dismiss all claims against each other, as jointly stipulated in Manhattan federal court on Thursday. This settlement precedes a trial that was set to begin on July 8, which aimed to address the heated allegations from both camps.
The core of the dispute revolved around Cyrulnik’s firing and a substantial cryptocurrency payout. Freedman Normand Friedland alleged that Cyrulnik was terminated due to abusive behavior, claiming it acted within the bounds of a memorandum of understanding established during the firm’s inception. In contrast, Cyrulnik argued that his ousting was a calculated move by his partners to seize his stake in a lucrative crypto asset obtained in return for their legal work for blockchain startup Ava Labs. The firm’s share of the Ava Labs token (AVAX) reportedly reached a value of approximately $130 million before Cyrulnik’s dismissal.
Randy Mastro, a partner at King & Spalding who represented the firm, stated that the confidential settlement satisfactorily concludes all disputes. “The Freedman team is happy to put this matter behind them and has moved on to the next great chapter, as the firm is thriving and its partners are enjoying practicing together,” Mastro said. Marc Kasowitz, representing Cyrulnik, did not respond immediately to requests for comment.
This is the latest chapter in the ongoing saga of the firm, which was initially formed in 2019 by former Boies Schiller Flexner attorneys. Another founding partner, Kyle Roche, was ousted in 2022 following leaked recordings discussing litigation tactics against blockchain developer rivals. The firm also faced removal from a class action lawsuit against Bitfinex and Tether due to these incidents.
The case was filed as Roche Freedman LLP v. Cyrulnik, S.D.N.Y., No. 21-CV-1746.
For a detailed breakdown of this legal battle, refer to the full article here.