Parents of FTX Founder Seek Dismissal of Lawsuit Over Allegedly Fraudulent Funds
• Joseph Bankman and Barbara Fried, parents of Sam Bankman-Fried, asked court to dismiss FTX lawsuit seeking to recover allegedly fraudulent funds
• FTX sought to recover millions from Bankman and Fried; their son later found guilty of defrauding FTX customers and US
• Bankman and Fried argued Bankman had no fiduciary duty to FTX and did not serve as director, officer or manager
• Filing argued FTX needed to show Bankman and Fried had actual knowledge their actions would breach fiduciary duty
• FTX lawsuit provided line items of funds $200k salary, $18M Bahamas property, $5.5M Stanford donations (to be returned)