The US bankruptcy regulatory has approved Terraform Labs’ applications to retain Dentons, a law firm despite various concerns raised by the SEC and the company’s creditors.
The US bankruptcy regulatory judge, Brendan Shannon has granted permission to Terraform Labs to hire Dentons for its legal representation. Since the initial of 2023, Terraform Labs has paid Dentons an overall $166 Million in legal fees which was opposed by the SEC as well as by Terraform’s creditors.
Regulatory Vs Terraform Labs
According to a report by Reuters, the US regulatory judge approved Terraform Labs’ request for hiring Dentons, a law firm for legal representation. This was done despite the matters raised by the company’s creditors and the SEC.
However, there is a big reason behind the regulatory approval. The crypto firm paid over $166 Million to the legal firm as legal fees and Dentons promised to return approximately $48 Million to Terraform.
According to the court docume
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