Quinn Emanuel To Return Fee To Bankrupt Crypto Firm Cred

Law360 (February 18, 2021, 4:13 PM EST) -- Quinn Emanuel Urquhart & Sullivan LLP has agreed to return most of a $350,000 post-petition payment by bankrupt cryptocurrency venture Cred Inc., originally reported as having been issued as legal fee advancements for the debtor's former general counsel.

Under the agreement reached between the law firm, Cred and its official committee of unsecured creditors, Quinn will retain $33,500. Along with the return, the parties agreed to releases of claims and a reservation of rights regarding claims or potential actions against the former counsel, Daniel F. Wheeler.

According to a motion detailing the resolution, the Jan. 28 payment came to light after...

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