A team led by partners Renee Zaytsev and Sabina Mariella earned a Litigator of the Week shout-out from The American Lawyer for securing a $22 million arbitration award on behalf of Payward Inc., the parent company of cryptocurrency exchange Kraken, in a dispute against the company's former auditors, Mazars USA.
The dispute stemmed from Mazars’ decision to walk away from a nearly completed audit in December 2023 after the SEC filed an enforcement action alleging that Kraken was operating as an unregistered securities exchange, broker-dealer, and clearing agency. Following a five-day hearing, an arbitrator with the American Arbitration Association awarded Payward damages related to the cost of an acquisition the company undertook to maintain certain licenses and continue operating in the wake of the unfinished audit. Payward filed a petition in Delaware Chancery Court seeking confirmation of the award.