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Terraform Labs is currently embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC) over allegations involving a $166 million "slush fund". The controversy centers on Terraform Labs' retention payment to Dentons U.S. LLC, a law firm, as special counsel in its Chapter 11 bankruptcy case. The SEC has accused Terraform Labs of diverting the funds into what it describes as an 'opaque slush fund.' In response, Terraform Labs has countered the SEC's claims, arguing that the regulator's objections represent a 'troubling example of government overreach.' The dispute has led to a formal challenge filed by Terraform Labs in a Delaware court, contesting the SEC's stance on the matter.
In its objection, the SEC argued that Terraform Labs "siphoned" $166 million into an "opaque slush fund" for law firm Dentons. Now Terraform Labs is calling the regulator's objection "troubling example of government overreach." https://t.co/NwZEDTKpFt
TERRAFORM LABS DEFENDS $166M LEGAL EXPENSES AMID SEC OBJECTION In a challenge filed in a Delaware court, Terraform Labs has contested the SEC's objection to its retention payment of Dentons U.S. LLC as special counsel in its Chapter 11 bankruptcy case. Source: The Block https://t.co/yIw1qP7anH
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
