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Major US Media Companies Persist in Demanding Disclosure of Non-US FTX Customer Identities
Four of the biggest media companies in the United States - Bloomberg, Dow Jones, The New York Times, and The Financial Times - are continuing their push to have the identities of non-US FTX customers revealed. They have filed new objections to a motion that aimed to keep their identities sealed.
The initial objection was filed on January 11, and this new filing reiterates their argument that there is no legal basis for redacting customer names according to non-US data privacy laws.
The media companies contend that foreign law cannot supersede the right of access to information guaranteed by US constitutional and statutory law, as section 105 of the Bankruptcy Code, which grants the bankruptcy court judicial power, does not include any such provision. They assert that the public has a strong presumptive right to inspect bankruptcy filings that cannot be abrogated by a party's assertion of legal obligations under foreign law.
Furthermore, the media companies contend that the names of FTX's creditors are not confidential commercial information and that disclosing this information would not expose the creditors to undue risk. They believe that the law of the United States - constitutional and statutory - guarantees the public a strong right to inspect bankruptcy filings and that this right cannot be ignored by FTX or the Official Committee of Unsecured Creditors.
The deadline for FTX and the Committee to raise an objection is May 4 at 4:00 pm Eastern Time (ET), and the hearing is scheduled for May 17 at 1:00 pm (ET).
In summary, four major media outlets in the United States continue their efforts to reveal the identities of non-US FTX customers. According to them, non-US data privacy laws do not provide a legal foundation for censoring the names of customers. Additionally, they assert that the public has a strong right to inspect bankruptcy filings under US constitutional and statutory law and that the right cannot be abrogated by a party's assertion of legal obligations under foreign law.