Sullivan & Cromwell LLP has been dismissed as a defendant in the ongoing lawsuit involving investors of the cryptocurrency exchange FTX. The decision to remove the prominent law firm from the legal proceedings follows a second report by an independent examiner. This report exonerated Sullivan & Cromwell, finding that the firm did not neglect any red flags while performing pre-petition work for FTX. This outcome is significant for the firm, which had faced scrutiny regarding its role during the collapse of the crypto exchange.
For further details on the dismissal and its implications, you can access the full article from Law.com.