New York-based law firm McDermott Will & Emery has filed for $5.1 million in damages from the creditors of bankrupt crypto brokerage Voyager Digital. The invoice for legal services provided between March 1 and May 13, 2023.
In court July 3 filingThe law firm billed the legal fees to the Official Committee of Unsecured Creditors. Court documents revealed that the law firm charged an hourly rate of $1,026.76 for its services during the period.
The Company listed the many legal services it provided to Voyager, including advising the Committee regarding its powers and duties under the Bankruptcy Rules, attending meetings and negotiating with representatives of debtors and other interested parties, and preparing on behalf of the Committee all necessary motions, applications, responses, orders, reports, responses, and responses. and papers, among others.
It was the third and final bill from the law firm, bringing its total damages to $16.48 million between July 5, 2022, and May 19, 2023, $8.97 million of which has already been paid by creditors. However, McDermott Will & Emery isn’t the only legal service provider offering its services to Voyager. On June 28, Kirkland and Ellis’ legal counsel also billed Voyager for $1.1 million in legal fees for the month of April.
McDermott Will & Emery did not immediately respond to Cointelegraph’s request for comment.
Related: The Voyager app is set to reopen for customer withdrawals as soon as possible starting June 20
Voyager filed for bankruptcy in July 2022 amidst a cryptocurrency lending crisis that has led to market contagion and the collapse of several crypto companies such as Celsius, BlockFi, and others. At the time of its bankruptcy filing, Voyager disclosed commitments ranging from $1 billion to $10 billion.
Apart from Voyager, many other crypto companies, including Celsius and FTX, have incurred huge legal fees due to lengthy bankruptcy proceedings. For example, FTX was billed more than $120 million in financial and legal advisory fees between February 1 and April 30, 2023.
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