Law firms Cohen Milstein and Keller Rohrback stand to receive up to a quarter of any settlement or judgment resulting from a lawsuit Oregon brought against Coinbase, according to their contract with the state. Reuters obtained a copy of the contract through a records request.
Oregon hired the class action firms and sued Coinbase in April, alleging that the cryptocurrency exchange has been profiting off the sale of high-risk and unregistered securities to its residents in violation of state law. Coinbase has denied wrongdoing.
The state is seeking a fine of $20,000 per violation of its securities law, as well as an unspecified amount of damages and the disgorgement of Coinbase's profits from Oregon residents.
This week’s Billable Hours also includes Debevoise’s new non-equity partnership tier, Elon Musk’s failed effort to stop Bernstein Litowitz from hiring an ex-SEC lawyer, and more. Read it here.
