The Race to Represent QuadrigaCX's Creditors May Be Decided Today

Law firms jockeying to represent somewhere between 90,000 and 115,000 users of QuadrigaCX will appear before the Nova Scotia Supreme Court Thursday to see which firms will be appointed representative counsel.

Multiple law firms have filed notices to represent the interests of the exchange's users as well.

The law firms would also be tasked with reaching out to creditors and compiling a list of affected users, potentially as part of this lawsuit.

"In those cases, the Courts considered the underlying experience of the proposed counsel, as well as considering which law firm proposed to represent the most inclusive class of claimants and how many claimants have already retained that firm to represent them."

Left unsaid was the possibility that the greater the law firm's costs are, the less creditors are likely to receive.

Christine Duhaime, a financial crimes lawyer, told CoinDesk that she would agree "It is not appropriate for another law firm to be given broad power or even investigative powers," noting that the firms are "Lawyers, not investigators."

While not a formal notice of motion, another law firm, Goodmans LLP, has filed a letter to the Nova Scotia Supreme Court to also ask to be appointed representative counsel.

The firm is specifically calling for a creditors' committee to be formed to help select representative counsel first.

In its letter, the firm argues that "There has not been sufficient notice of this selection process and that greater visibility and opportunity should be given both to other creditors who may wish to come forward and serve on any creditors' committee to be appointed in this case and to other qualified and experienced law firms who may wish to present their credentials."

Reiterating her earlier point about expertise in the cryptocurrency space, she noted that while every law firm has experience with bankruptcies and class action lawsuits, few are familiar with cryptocurrencies.