Founders

FTX Founder’s Lawyers Argue Against Lengthy Prison Term, Claiming No Losses in Case

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New York City – Lawyers representing Sam Bankman-Fried, the former founder and CEO of cryptocurrency exchange FTX, have strongly opposed the government’s recommendation for a 50-year prison sentence. In a letter to Judge Lewis Kaplan, Bankman-Fried’s legal counsel argued that the proposed sentence was excessive and compared it to a death-in-prison recommendation. The lawyers criticized the prosecution for adopting a “medieval view of punishment” and distorting the reality of the case. Last week, U.S. prosecutors had submitted their sentencing recommendations, advocating for a minimum of 40 to 50 years in prison for Bankman-Fried. They emphasized … Read more

Autonomy Founder’s Trial Unveils HP’s Dysfunctional Management and Shifting Strategies

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London, England – The long-awaited trial of Mike Lynch, the founder of software company Autonomy, is set to begin in San Francisco, California. Lynch has spent the last decade vehemently denying any wrongdoing, and both he and Autonomy’s former CFO, Sushovan Hussain, have pleaded not guilty. Lynch argues that Autonomy’s value was destroyed by Hewlett-Packard’s (HP) dysfunctional management and changes in strategy, and that the blame has been unfairly placed on him. The trial has been a lengthy process, with Lynch enlisting the services of attorney Reid Weingarten in 2013, shortly after HP wrote down … Read more

Former Partner of Detained Billionaire Sues Evergrande Founder’s Son for Money Amidst Investigation

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Beijing, China – A lawsuit has been filed by the former partner of a detained billionaire against Xu Jiayin, the chairman of embattled Chinese property developer Evergrande Group, seeking the repayment of a 200 million yuan ($31 million) loan. The lawsuit claims that Xu owes the money, which includes principal and interest, according to court filings. The case is pending a hearing. The legal action comes amidst ongoing investigations into Xu and his father’s finances, which could lead to the confiscation of their assets by mainland Chinese courts. This situation has prompted speculation that the … Read more

High-Stakes Battle: Supreme Court Weighs Release of Liability for Purdue Pharma Founders in Ongoing Mass Tort Bankruptcy Cases

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Washington, D.C. – Mass tort bankruptcies faced significant difficulties in 2023, with the dismissal of two cases and the fate of two others hanging in the balance. A closely watched legal battle involving the Sacklers, founders of Purdue Pharma, reached the U.S. Supreme Court on December 4th. This case centered around the release of liability granted to the Sacklers as part of the pharmaceutical company’s $6 billion bankruptcy plan, which has raised concerns. The Supreme Court’s oral arguments held on December 4th showcased the growing scrutiny surrounding the Sacklers and their role in the opioid … Read more