Fenwick & West and Prager Metis, the Silicon Valley law firm and auditing shop that helped build and bless FTX's corporate structure, agreed on May 23, 2026, to pay a combined $66 million to settle class-action fraud claims brought by former customers of the collapsed exchange in Miami federal court.
The deal represents the first significant accountability settlement reached with FTX's professional services network - the gatekeeper tier that sat below SBF in the courtroom but above him in the architecture of the fraud.
Fenwick & West, one of Silicon Valley's most prominent law firms and FTX's primary outside counsel, agreed to pay $54 million. Plaintiffs alleged the firm helped structure FTX's corporate framework specifically to misappropriate customer funds and evade regulatory oversight - "shadowy entities," in their framing, designed for concealment. Fenwick denied wrongdoing but agreed to settle. The preliminary agreement was filed Friday in the U.S. District Court for the Southern District of Florida.
Prager Metis, the auditor that signed off on FTX's books in the years before the exchange's November 2022 bankruptcy, agreed to pay $11.75 million. Former Miami Heat forward Udonis Haslem, an FTX celebrity promoter, is paying $420,000 as part of the same settlement batch. The three figures sum to approximately $66.17 million. The settlements require judicial approval before taking effect.
Both figures are small against the scale of customer losses, which run into the billions. Fenwick also still faces a separate $525 million lawsuit filed in Washington state court by a group of international FTX victims - a case entirely outside the scope of Friday's Miami agreement and still active.
The Miami settlements are described as the "second round" of FTX class-action resolutions. The first round targeted celebrity endorsers and retail promoters; this round reaches the legal and financial infrastructure firms that gave FTX its corporate legitimacy. That shift matters structurally: it signals plaintiffs' counsel is methodically working up the professional services chain, not stopping at the most visible faces.
Lead counsel on the plaintiffs' side includes litigator David Boies. The case is overseen by U.S. District Court in Miami.
For customers still waiting on recovery through FTX's bankruptcy estate, the $66 million is a supplement, not a solution. But the willingness of firms with substantial reputational stakes - a major BigLaw outfit and a national accounting firm - to pay tens of millions rather than litigate to judgment tells its own story about the evidentiary record.