HOOD - Sam Bankman-Fried Sues Insurer For $5M Alleges Breach Of Contract Over Legal Expenses | Benzinga
Former cryptocurrency magnate Sam Bankman-Fried has initiated legal action against his insurer Continental Casualty Company (CNA), accusing them of not covering his legal expenses tied to his fraud defense.
As Bankman-Fried appeared in court Tuesday, denying any fraudulent activities, the lawsuit against CNA highlights his involvement in multiple legal and regulatory proceedings due to the downfall of his crypto platform, FTX (CRYPTO: FTT).
This scenario brings to mind the upcoming discussions at Benzinga's Future of Digital Assets conference on Nov. 14, emphasizing the intricate relationship between digital assets and legal implications.
The lawsuit, filed on Oct.2, in the District Court of Northern California, indicates that CNA has "wrongfully refrained from promptly settling Mr. Bankman-Fried’s ...