Feb 29, 10:00 PM

SEC Objects to Terraform Labs' $166M Retainer Payment to Dentons, Alleging Fund Transfer

The U.S. Securities and Exchange Commission (SEC) has objected to Terraform Labs' payment of a $166 million retainer to law firm Dentons, accusing the company of transferring funds to avoid paying a judgment. Terraform Labs allegedly used part of the money to cover legal expenses for co-founder Do Kwon, who faces criminal charges. The SEC claims that the retainer payment created an 'opaque slush fund' for lawyers, to the detriment of investors and creditors during the company's bankruptcy proceedings.

#SEC #Terraform Labs #Dentons #Do Kwon

Written with ChatGPT (GPT-3).

Sources

crypto.news@cryptodotnews
2 years ago
Terraform Labs is currently entangled in a legal dispute with the U.S. Securities and Exchange Commission (SEC) regarding accusations of a $166 million "slush fund" https://t.co/dURxGATmG0
BSCN Headlines@BSCNheadlines
2 years ago
UPDATE: TERRAFORM LABS CHALLENGED SEC OBJECTIONS TO ITS RETENTION PAYMENT TO THE LAW FIRM, DENTONS U.S. LLC IN CHAPTER 11 BANKRUPTCY IN A RECENT FILING
The Block@TheBlock__
2 years ago
Terraform Labs counters SEC’s ‘slush fund’ claims, alleges government overreach https://t.co/cfGqGIJQeY

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