FTX investors have chosen to drop their proposed class-action lawsuit against Sullivan & Cromwell (S&C), a US law firm. The lawsuit, filed on Feb. 16, accused S&C of involvement in FTX's alleged multibillion-dollar fraud and seeking compensation for damages related to civil conspiracy, aiding fiduciary breaches, and aiding fraud. S&C, as an external counsel for FTX, was overseeing the company's bankruptcy proceedings. The lead plaintiffs' counsel, the Moskowitz Law Firm, confirmed the voluntary dismissal of S&C from the lawsuit due to insufficient evidence to proceed. The focus now shifts to obtaining compensation from the responsible parties for FTX creditors. The dismissal was not accompanied by any settlement. This development follows the approval of FTX's reorganization plan by a bankruptcy judge, allowing the debtors to repay approximately 119% of their claimed account value. Read more AI-generated news on: https://app.chaingpt.org/news