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Amy Zuccarello
Amy Zuccarello

Biography

Education
  • Boston College Law School (J.D., cum laude)
  • Boston University (B.A., summa cum laude with distinction)
Bar & Court Admissions
  • Massachusetts
  • U.S. District Court, District of Massachusetts
  • U.S. Court of Appeals for the First Circuit
  • U.S. Court of Appeals for the Fifth Circuit
Professional Qualifications
  • American Bankruptcy Institute, Northeast Conference Advisory Board
  • National Conference of Bankruptcy Judges (NCBJ), 2021 Conference Education Committee
  • United States Bankruptcy Court for the District of Massachusetts, Local Rules Committee
  • American Bar Association
  • Massachusetts Bar Association
  • International Women's Insolvency & Restructuring Confederation
Awards & Honors
  • Chambers USA, Recognized Practitioner in Bankruptcy/Restructuring (2022-2026)
  • Best Lawyers in America® (2025-2027)
  • Boston Magazine Top Lawyers, Bankruptcy and Workout (2021-2025)
  • Massachusetts Super Lawyers (2022-2026)
  • "Rising Star," Massachusetts Super Lawyers (2009-2016)
  • Lawdragon Top 500 Leading Bankruptcy & Restructuring Lawyer (2020, 2022, 2023, 2024)
  • Recommended by The Legal 500 U.S. (2024, 2026)
  • Ranked in The Legal 500 Boston Elite for Banking and Finance (Including Restructuring) (2026)
Community Engagement
  • Belmont School Committee Member (Belmont, Massachusetts)
  • Girl Scouts of Eastern Massachusetts, Town-Wide Service Unit Coordinator, Troop Leader and Lifetime Member
Viewpoints
All Viewpoints
Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers
Part 1 – Celsius Bankruptcy The Celsius Network was conceptualized as an alternative to conventional banking, offering its customers return rates of up to 20% on deposits of digital assets, and providing digital asset-collateralized loans. Celsius also promoted to customers its enhanced transparency and security in comparison to traditional banks. Because of this, many users were left shocked when, on June 12, 2022, Celsius abruptly froze all withdrawals from customer accounts. One month later, on July 13, 2022, Celsius filed for bankruptcy. As of the time of this writing, customers remain unable to withdraw from their Celsius wallets, though Celsius has filed an unresolved motion seeking to return a portion of assets to certain customers. In the wake of this filing, dozens if not hundreds of outraged customers have submitted letters to the Honorable Martin Glenn, who is presiding over the Celsius bankruptcy proceeding in the Southern District of New York. These letters have been primarily aimed at pushing back against Celsius’ intention to treat all customers as unsecured creditors, an intention which has been recorded in court filings made by Celsius.[1] Pointing to its terms of use, Celsius asserts that its customers had transferred legal and beneficial ownership of their cryptocurrency assets to Celsius, in consideration for the returns payable to customers and for the company’s participation in secured loan transactions.[2] The key question is whether the relevant digital assets remained the property of customers when they were deposited with Celsius or whether these assets became the property of Celsius when they were placed in the custody of the company. If the assets remained the property of customers, held by Celsius in a custody or trust relationship, the assets will not constitute property of the Celsius estate and generally speaking, the administration of these assets will not be subject to the jurisdiction of the Bankruptcy Court in the Celsius Chapter 11 bankruptcy proceeding. In contrast, if, as Celsius contends, customers did transfer legal and beneficial ownership of the assets to Celsius upon depositing them with Celsius, the funds constitute property of the Celsius bankruptcy estate, and their administration is governed by the provisions of the Bankruptcy Code. Customers’ rights to recover from Celsius will be as unsecured creditors of Celsius and so will be dependent upon its overall financial condition. It appears very possible that Celsius will fail to repay its creditors in full, as while it managed $25 billion in assets in October of 2021, it held only $167 million in "cash on hand"[3] and showed over $1.15 billion in liabilities[4] at the time of its bankruptcy filing. This collision of interests has led to questions regarding how cryptocurrency and other digital assets should be treated under bankruptcy law. While 21% of American adults have invested in, traded, or used cryptocurrency in some capacity[5], the law around how to treat this popular new class of asset remains unclear, as evidenced by the uncertainty of how the courts will treat the digital assets in the Celsius Chapter 11 bankruptcy. In light of the complex litigation looming in this case over the recovery of assets, holders of cryptocurrency and other digital assets should evaluate accessibility of those assets in case of a platform’s bankruptcy when maintaining existing investments and making future investments. Celsius has indicated that its terms and conditions do not guarantee the return of user funds in the event of insolvency. The terms and conditions of Celsius and other digital asset platforms are subject to change on a regular basis and holders of digital assets should expect that the specific terms which govern the platform and the relationship of the customers to the platform to have a significant impact on customers’ rights to recover in potential bankruptcies or restructurings in the future. To ensure that assets can be recovered in unforeseen circumstances, an understanding of legal control over deposited assets is key. To understand that legal control, we will next examine the shifting legal and regulatory landscape of this new class of assets. Part 2 – UCC Amendments’ Impact on Crypto Bankruptcies In July of this year, after Celsius filed for bankruptcy, the Uniform Law Commission and American Law Institute approved amendments to the Uniform Commercial Code (the “UCC”) regarding emerging technologies. These new rules regarding the perfection of security interests in cryptocurrency are particularly relevant to situations like in the instant Celsius case, as the perfection of a security interest grants a creditor rights against other secured creditors whose interests are unperfected when it comes to recovering collateral from a bankrupt debtor. The guidance that these amendments provide, including the creation of an entirely new UCC Article 12,[6] may have had a significant impact on the current position of Celsius’ users had the amendments been in place at the time of Celsius’ bankruptcy (and adopted into law). Celsius’ users would have had a government-defined framework to formulate an argument that they are entitled to recover their deposited assets, on the basis that they had perfected their security interests in the deposited digital assets through control over those assets. However, much like the facts behind Celsius’ bankruptcy itself, these amendments are also untested within the courts, and there remains much uncertainty as to how courts will interpret and apply these new provisions. The new UCC provisions allow holders of "controllable electronic records" (a category that includes Ether, Bitcoin, and NFTs, among other digital assets, but excludes fiat currency, investment property, chattel paper in electronic form and certain other types of assets) to perfect their security interests through control of those controllable electronic records. Section 12-105(a) of the UCC states that control is present where a person has 1) the power to enjoy substantially all of the benefit from the record, 2) the exclusive power to prevent others enjoying the benefit of the record, and 3) the exclusive power to transfer control of the record to another person, or to cause another person to obtain control of another record as a result of the transfer of a record. In addition to these requirements, establishing control also requires that a person be able to readily identify themselves as having the elements of control listed here, through methods such as name, identifying number, cryptographic key, office, or account number. Digital asset holders should seek to ensure that their assets are being held on platforms where control of the asset remains with the user, rather than the platform. The effect of these UCC amendments will roll out as individual state legislatures decide on whether or not to adopt the amendments. Early adopters of the amendments include Iowa, Indiana, Nebraska, and New Hampshire.[7] The ultimate scale of impact of these amendments hinges on whether the amendments are widely adopted.  The recent amendments to the UCC are not the only government guidance being developed, as the White House continues to develop its framework for the development of digital assets.[8] This framework is the product of President Biden’s March 9 executive order, which aims to achieve, among other goals, an improvement in consumer protections with respect to digital assets. Though we cannot predict what form these consumer protections will take, it is important to analyze how these developments will shape cryptocurrency bankruptcies going forward, including asset classification, acceptable practices for managing user assets, and creditor priority. Though these UCC amendments were not in place in time to have a direct impact on Celsius’ bankruptcy process, they may have had a significant impact had they come into place earlier. These provisions could have allowed Celsius users to argue that they had established control through exclusive possession of their assets, which would have theoretically given them the ability to recover all or most of their assets through bankruptcy court as secured creditors who had not forfeited control of their assets to Celsius. At the same time, Celsius’ model arguably requires, by its very nature, that Celsius possess some degree of control over the transfer of customer assets. How can Celsius lend out cryptocurrencies if it does not have the authority to transfer its treasury of assets?  And if Celsius were to have permission to make those transfers, how could it be argued that users have exclusive power over transfers of those assets? Now that these UCC amendments have received final approval from the UCC co-sponsors, the American Law Institute and the Uniform Law Commission, and are being considered for adoption by the states and other U.S. jurisdictions, various cryptocurrency platforms will likely face pressure to amend their terms of service, or even the way their platforms operate, in order to allow their customers to retain the type of control that the UCC amendments contemplate. However, changing how digital asset platforms are structured and operate is often a complex, time consuming, and expensive undertaking. There are likely to be many platforms that either cannot or will not alter their structure in a way that lets users retain control over their deposited assets. Users should recognize and weigh these risks associated with retrievability of their digital assets when analyzing potential cryptocurrency platforms. Important questions about whether a platform leaves legal control of deposited assets in the user’s hands include the following: Will the platform allow other users to use or enjoy the assets? What measures are available to ensure that ownership of the asset is not transferred against the user’s wishes? What measures does the platform have available to transfer user assets? Can the asset be transferred upon the user’s request? These questions are taking on increased importance as the digital asset industry continues to experience turbulence.  Celsius is not the only major bankruptcy in the cryptocurrency sphere, as the cryptocurrency exchange FTX also filed for Chapter 11 bankruptcy on November 11, 2022. FTX has joined Celsius as one of the many businesses suffering from the ongoing liquidity crisis in cryptocurrency. Those logging onto the exchange’s main website are now met with a warning that users are unable to make withdrawals, and are strongly advised against making further deposits.  FTX’s own court filings indicate that they may have over one million creditors as part of its bankruptcy proceedings. With FTX taking up the mantle as the most recently filed major crypto bankruptcy, any lessons learned by users and regulators from the Celsius case are likely to influence FTX’s now ongoing Chapter 11 Bankruptcy proceeding. If we are indeed entering a crypto winter (or blizzard), as many in the media have postulated and as these bankruptcy cases evidence, now is the time for users to make sure they are aware of the level and nature of control they hold over their cryptocurrency assets, lest those assets become as difficult to retrieve as they were in the case of Celsius or FTX. Increased sources of government guidance may prove to be timely, if platforms continue to experience distress. We at Sullivan are here to provide clients with the combination of technological and legal expertise needed to demystify these proceedings and comply with ever-evolving governmental and regulatory guidance and laws in the digital asset space. Please feel free to contact us with any questions or if we can be of assistance. [1] https://www.forbes.com/sites/haileylennon/2022/08/01/bankrupt-crypto-lender-celsius-could-leave-customers-last-in-line-to-get-paid/?sh=27f039905fde. [2] https://celsius.network/terms-of-use. [3] https://www.businesswire.com/news/home/20220713005911/en/Celsius-Network-Initiates-Financial-Restructuring-to-Stabilize-Business-and-Maximize-Value-for-All-Stakeholders. [4] https://cases.stretto.com/public/x191/11749/PLEADINGS/1174910062280000000017.pdf [5] https://www.cnbc.com/2022/03/31/cryptocurrency-news-21percent-of-adults-have-traded-or-used-crypto-nbc-poll-shows.html. [6] https://www.uniformlaws.org/HigherLogic/System/DownloadDocumentFile.ashx?DocumentFileKey=36a12016-c502-2458-d6a0-0dbe3fddaff7&forceDialog=0. [7] https://content.next.westlaw.com/practical-law/document/I10a8b85c11b811ed9f24ec7b211d8087/States-Begin-to-Adopt-UCC-Article-12-Covering-Digital-Assets?viewType=FullText&transitionType=Default&contextData=(sc.Default). [8] https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/.
First Circuit Puts Universities at Risk for Claw Back of Tuition Payments
Amy Zuccarello authored the article, "First Circuit Puts Universities at Risk for Claw Back of Tuition Payments," which was published in Law.com on January 6, 2020. The article discusses the impacts of the long-awaited decision of the First Circuit Court of Appeals to reverse a ruling by the United States Bankruptcy Court for the District of Massachusetts,DeGiacomo v. Sacred Heart Univ., and hold that parents did not receive “reasonably equivalent value” in exchange for the college tuition payments they made to educate their child. This decision has negative effects on colleges and universities, which risk loss because they have no control over whether a parent, student or another relative pays tuition. Amy suggests that schools consider measures to counter the risk of avoidance of tuition payments made by insolvent parents, such as requiring that students make all tuition payments directly.
News
All News
44 Sullivan & Worcester Lawyers Selected as “Best Lawyers” Award Recipients
Boston, MA – Sullivan & Worcester today announced that 44 lawyers were recognized in the 2027 edition of Best Lawyers in America®. 40 of the firm’s lawyers in Boston, New York and Washington, D.C. were selected as “Best Lawyers in America®,” and four Sullivan lawyers were recognized as “Ones to Watch” in the U.S. Best Lawyers in America® The firm’s 2027 Best Lawyers in Boston include Victor Baltera (Environmental Law, Real Estate Law); Howard Berkenblit (Corporate Governance Law, Corporate Law); Harvey Bines (Corporate Compliance Law, Corporate Governance Law, Corporate Law); Ashley Brooks (Real Estate Law); Joel Carpenter (Tax Law); Henry Comstock, Jr. (Trusts and Estates); Christopher Curtis (Tax Law); Patrick Dinardo (Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, Litigation - Bankruptcy); John Graham (Nonprofit / Charities Law, Tax Law); David Guadagnoli (Employee Benefits (ERISA) Law, Tax Law); Warren Heilbronner (Real Estate Law); Zachary Hyde (Patent Law); Richard Jones (Tax Law); Karen Kepler (Real Estate Law); Caroline Kupiec (Tax Law); Thomas Meyers (Patent Law); Lisa Mingolla (Trusts and Estates); Louis Monti (Real Estate Law); Cornelius Murray III (Trusts and Estates); David Nagle (Litigation and Controversy - Tax, Tax Law); Ameek Ashok Ponda (Tax Law); Gregory Sampson (Environmental Law, Land Use and Zoning Law, Real Estate Law); Lewis Segall (Corporate Law, Mergers and Acquisitions Law); Amy Sheridan (Employee Benefits (ERISA) Law, Tax Law); Laura Steinberg (Commercial Litigation); John Steiner (Real Estate Law); Douglas Stransky (Tax Law); Sarah Wellings (Tax Law); and Amy Zuccarello (Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, Litigation - Bankruptcy). Sullivan’s 2027 Best Lawyers in Washington, D.C. include John Chilton (Mutual Funds Law); Cameron Cosby (Tax Law); Nicole Crum (Mutual Funds Law); David Leahy (Mutual Funds Law); David Mahaffey (Mutual Funds Law, Securities Regulation); and Stephanie Monaco (Corporate Law, Mutual Funds Law, Private Funds / Hedge Funds Law, Securities Regulation). The firm’s 2027 Best Lawyers in New York include Carole Bass (Trusts and Estates); J. Truman Bidwell, Jr. (Corporate Law); Domenick Pugliese (Mutual Funds Law); Constantine Ralli (Trusts and Estates); and Marc Stern (Trusts and Estates). Best Lawyers: Ones to Watch Awardees Best Lawyers awards this recognition to attorneys who are earlier in their careers for their outstanding professional excellence in private practice in the United States. Sullivan’s lawyers earning this award include Alexander Gansebom (Corporate Governance and Compliance Law, Corporate Law, Health Care Law, Mergers and Acquisitions Law, Real Estate Law); Emily Goldschmidt (Corporate Law); Ryan Rosenblatt (Commercial Litigation); and Ashley Tan (Real Estate Law). Best Lawyers Selection Methodology Recognition by Best Lawyers in America® is based on a peer review process designed to capture the consensus opinion of leading lawyers about the professional abilities of their colleagues within the same geographical and legal practice areas. About Sullivan Sullivan & Worcester (Sullivan) is a premier, AmLaw 200 international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan Sullivan & Worcester (Sullivan) is a premier international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.

Amy A. Zuccarello

Viewpoints
All Viewpoints
Zero Degrees Celsius: The Effects of a "Crypto Winter" and Celsius’ Bankruptcy on Crypto Customers
Part 1 – Celsius Bankruptcy The Celsius Network was conceptualized as an alternative to conventional banking, offering its customers return rates of up to 20% on deposits of digital assets, and providing digital asset-collateralized loans. Celsius also promoted to customers its enhanced transparency and security in comparison to traditional banks. Because of this, many users were left shocked when, on June 12, 2022, Celsius abruptly froze all withdrawals from customer accounts. One month later, on July 13, 2022, Celsius filed for bankruptcy. As of the time of this writing, customers remain unable to withdraw from their Celsius wallets, though Celsius has filed an unresolved motion seeking to return a portion of assets to certain customers. In the wake of this filing, dozens if not hundreds of outraged customers have submitted letters to the Honorable Martin Glenn, who is presiding over the Celsius bankruptcy proceeding in the Southern District of New York. These letters have been primarily aimed at pushing back against Celsius’ intention to treat all customers as unsecured creditors, an intention which has been recorded in court filings made by Celsius.[1] Pointing to its terms of use, Celsius asserts that its customers had transferred legal and beneficial ownership of their cryptocurrency assets to Celsius, in consideration for the returns payable to customers and for the company’s participation in secured loan transactions.[2] The key question is whether the relevant digital assets remained the property of customers when they were deposited with Celsius or whether these assets became the property of Celsius when they were placed in the custody of the company. If the assets remained the property of customers, held by Celsius in a custody or trust relationship, the assets will not constitute property of the Celsius estate and generally speaking, the administration of these assets will not be subject to the jurisdiction of the Bankruptcy Court in the Celsius Chapter 11 bankruptcy proceeding. In contrast, if, as Celsius contends, customers did transfer legal and beneficial ownership of the assets to Celsius upon depositing them with Celsius, the funds constitute property of the Celsius bankruptcy estate, and their administration is governed by the provisions of the Bankruptcy Code. Customers’ rights to recover from Celsius will be as unsecured creditors of Celsius and so will be dependent upon its overall financial condition. It appears very possible that Celsius will fail to repay its creditors in full, as while it managed $25 billion in assets in October of 2021, it held only $167 million in "cash on hand"[3] and showed over $1.15 billion in liabilities[4] at the time of its bankruptcy filing. This collision of interests has led to questions regarding how cryptocurrency and other digital assets should be treated under bankruptcy law. While 21% of American adults have invested in, traded, or used cryptocurrency in some capacity[5], the law around how to treat this popular new class of asset remains unclear, as evidenced by the uncertainty of how the courts will treat the digital assets in the Celsius Chapter 11 bankruptcy. In light of the complex litigation looming in this case over the recovery of assets, holders of cryptocurrency and other digital assets should evaluate accessibility of those assets in case of a platform’s bankruptcy when maintaining existing investments and making future investments. Celsius has indicated that its terms and conditions do not guarantee the return of user funds in the event of insolvency. The terms and conditions of Celsius and other digital asset platforms are subject to change on a regular basis and holders of digital assets should expect that the specific terms which govern the platform and the relationship of the customers to the platform to have a significant impact on customers’ rights to recover in potential bankruptcies or restructurings in the future. To ensure that assets can be recovered in unforeseen circumstances, an understanding of legal control over deposited assets is key. To understand that legal control, we will next examine the shifting legal and regulatory landscape of this new class of assets. Part 2 – UCC Amendments’ Impact on Crypto Bankruptcies In July of this year, after Celsius filed for bankruptcy, the Uniform Law Commission and American Law Institute approved amendments to the Uniform Commercial Code (the “UCC”) regarding emerging technologies. These new rules regarding the perfection of security interests in cryptocurrency are particularly relevant to situations like in the instant Celsius case, as the perfection of a security interest grants a creditor rights against other secured creditors whose interests are unperfected when it comes to recovering collateral from a bankrupt debtor. The guidance that these amendments provide, including the creation of an entirely new UCC Article 12,[6] may have had a significant impact on the current position of Celsius’ users had the amendments been in place at the time of Celsius’ bankruptcy (and adopted into law). Celsius’ users would have had a government-defined framework to formulate an argument that they are entitled to recover their deposited assets, on the basis that they had perfected their security interests in the deposited digital assets through control over those assets. However, much like the facts behind Celsius’ bankruptcy itself, these amendments are also untested within the courts, and there remains much uncertainty as to how courts will interpret and apply these new provisions. The new UCC provisions allow holders of "controllable electronic records" (a category that includes Ether, Bitcoin, and NFTs, among other digital assets, but excludes fiat currency, investment property, chattel paper in electronic form and certain other types of assets) to perfect their security interests through control of those controllable electronic records. Section 12-105(a) of the UCC states that control is present where a person has 1) the power to enjoy substantially all of the benefit from the record, 2) the exclusive power to prevent others enjoying the benefit of the record, and 3) the exclusive power to transfer control of the record to another person, or to cause another person to obtain control of another record as a result of the transfer of a record. In addition to these requirements, establishing control also requires that a person be able to readily identify themselves as having the elements of control listed here, through methods such as name, identifying number, cryptographic key, office, or account number. Digital asset holders should seek to ensure that their assets are being held on platforms where control of the asset remains with the user, rather than the platform. The effect of these UCC amendments will roll out as individual state legislatures decide on whether or not to adopt the amendments. Early adopters of the amendments include Iowa, Indiana, Nebraska, and New Hampshire.[7] The ultimate scale of impact of these amendments hinges on whether the amendments are widely adopted.  The recent amendments to the UCC are not the only government guidance being developed, as the White House continues to develop its framework for the development of digital assets.[8] This framework is the product of President Biden’s March 9 executive order, which aims to achieve, among other goals, an improvement in consumer protections with respect to digital assets. Though we cannot predict what form these consumer protections will take, it is important to analyze how these developments will shape cryptocurrency bankruptcies going forward, including asset classification, acceptable practices for managing user assets, and creditor priority. Though these UCC amendments were not in place in time to have a direct impact on Celsius’ bankruptcy process, they may have had a significant impact had they come into place earlier. These provisions could have allowed Celsius users to argue that they had established control through exclusive possession of their assets, which would have theoretically given them the ability to recover all or most of their assets through bankruptcy court as secured creditors who had not forfeited control of their assets to Celsius. At the same time, Celsius’ model arguably requires, by its very nature, that Celsius possess some degree of control over the transfer of customer assets. How can Celsius lend out cryptocurrencies if it does not have the authority to transfer its treasury of assets?  And if Celsius were to have permission to make those transfers, how could it be argued that users have exclusive power over transfers of those assets? Now that these UCC amendments have received final approval from the UCC co-sponsors, the American Law Institute and the Uniform Law Commission, and are being considered for adoption by the states and other U.S. jurisdictions, various cryptocurrency platforms will likely face pressure to amend their terms of service, or even the way their platforms operate, in order to allow their customers to retain the type of control that the UCC amendments contemplate. However, changing how digital asset platforms are structured and operate is often a complex, time consuming, and expensive undertaking. There are likely to be many platforms that either cannot or will not alter their structure in a way that lets users retain control over their deposited assets. Users should recognize and weigh these risks associated with retrievability of their digital assets when analyzing potential cryptocurrency platforms. Important questions about whether a platform leaves legal control of deposited assets in the user’s hands include the following: Will the platform allow other users to use or enjoy the assets? What measures are available to ensure that ownership of the asset is not transferred against the user’s wishes? What measures does the platform have available to transfer user assets? Can the asset be transferred upon the user’s request? These questions are taking on increased importance as the digital asset industry continues to experience turbulence.  Celsius is not the only major bankruptcy in the cryptocurrency sphere, as the cryptocurrency exchange FTX also filed for Chapter 11 bankruptcy on November 11, 2022. FTX has joined Celsius as one of the many businesses suffering from the ongoing liquidity crisis in cryptocurrency. Those logging onto the exchange’s main website are now met with a warning that users are unable to make withdrawals, and are strongly advised against making further deposits.  FTX’s own court filings indicate that they may have over one million creditors as part of its bankruptcy proceedings. With FTX taking up the mantle as the most recently filed major crypto bankruptcy, any lessons learned by users and regulators from the Celsius case are likely to influence FTX’s now ongoing Chapter 11 Bankruptcy proceeding. If we are indeed entering a crypto winter (or blizzard), as many in the media have postulated and as these bankruptcy cases evidence, now is the time for users to make sure they are aware of the level and nature of control they hold over their cryptocurrency assets, lest those assets become as difficult to retrieve as they were in the case of Celsius or FTX. Increased sources of government guidance may prove to be timely, if platforms continue to experience distress. We at Sullivan are here to provide clients with the combination of technological and legal expertise needed to demystify these proceedings and comply with ever-evolving governmental and regulatory guidance and laws in the digital asset space. Please feel free to contact us with any questions or if we can be of assistance. [1] https://www.forbes.com/sites/haileylennon/2022/08/01/bankrupt-crypto-lender-celsius-could-leave-customers-last-in-line-to-get-paid/?sh=27f039905fde. [2] https://celsius.network/terms-of-use. [3] https://www.businesswire.com/news/home/20220713005911/en/Celsius-Network-Initiates-Financial-Restructuring-to-Stabilize-Business-and-Maximize-Value-for-All-Stakeholders. [4] https://cases.stretto.com/public/x191/11749/PLEADINGS/1174910062280000000017.pdf [5] https://www.cnbc.com/2022/03/31/cryptocurrency-news-21percent-of-adults-have-traded-or-used-crypto-nbc-poll-shows.html. [6] https://www.uniformlaws.org/HigherLogic/System/DownloadDocumentFile.ashx?DocumentFileKey=36a12016-c502-2458-d6a0-0dbe3fddaff7&forceDialog=0. [7] https://content.next.westlaw.com/practical-law/document/I10a8b85c11b811ed9f24ec7b211d8087/States-Begin-to-Adopt-UCC-Article-12-Covering-Digital-Assets?viewType=FullText&transitionType=Default&contextData=(sc.Default). [8] https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/.
First Circuit Puts Universities at Risk for Claw Back of Tuition Payments
Amy Zuccarello authored the article, "First Circuit Puts Universities at Risk for Claw Back of Tuition Payments," which was published in Law.com on January 6, 2020. The article discusses the impacts of the long-awaited decision of the First Circuit Court of Appeals to reverse a ruling by the United States Bankruptcy Court for the District of Massachusetts,DeGiacomo v. Sacred Heart Univ., and hold that parents did not receive “reasonably equivalent value” in exchange for the college tuition payments they made to educate their child. This decision has negative effects on colleges and universities, which risk loss because they have no control over whether a parent, student or another relative pays tuition. Amy suggests that schools consider measures to counter the risk of avoidance of tuition payments made by insolvent parents, such as requiring that students make all tuition payments directly.
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44 Sullivan & Worcester Lawyers Selected as “Best Lawyers” Award Recipients
Boston, MA – Sullivan & Worcester today announced that 44 lawyers were recognized in the 2027 edition of Best Lawyers in America®. 40 of the firm’s lawyers in Boston, New York and Washington, D.C. were selected as “Best Lawyers in America®,” and four Sullivan lawyers were recognized as “Ones to Watch” in the U.S. Best Lawyers in America® The firm’s 2027 Best Lawyers in Boston include Victor Baltera (Environmental Law, Real Estate Law); Howard Berkenblit (Corporate Governance Law, Corporate Law); Harvey Bines (Corporate Compliance Law, Corporate Governance Law, Corporate Law); Ashley Brooks (Real Estate Law); Joel Carpenter (Tax Law); Henry Comstock, Jr. (Trusts and Estates); Christopher Curtis (Tax Law); Patrick Dinardo (Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, Litigation - Bankruptcy); John Graham (Nonprofit / Charities Law, Tax Law); David Guadagnoli (Employee Benefits (ERISA) Law, Tax Law); Warren Heilbronner (Real Estate Law); Zachary Hyde (Patent Law); Richard Jones (Tax Law); Karen Kepler (Real Estate Law); Caroline Kupiec (Tax Law); Thomas Meyers (Patent Law); Lisa Mingolla (Trusts and Estates); Louis Monti (Real Estate Law); Cornelius Murray III (Trusts and Estates); David Nagle (Litigation and Controversy - Tax, Tax Law); Ameek Ashok Ponda (Tax Law); Gregory Sampson (Environmental Law, Land Use and Zoning Law, Real Estate Law); Lewis Segall (Corporate Law, Mergers and Acquisitions Law); Amy Sheridan (Employee Benefits (ERISA) Law, Tax Law); Laura Steinberg (Commercial Litigation); John Steiner (Real Estate Law); Douglas Stransky (Tax Law); Sarah Wellings (Tax Law); and Amy Zuccarello (Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, Litigation - Bankruptcy). Sullivan’s 2027 Best Lawyers in Washington, D.C. include John Chilton (Mutual Funds Law); Cameron Cosby (Tax Law); Nicole Crum (Mutual Funds Law); David Leahy (Mutual Funds Law); David Mahaffey (Mutual Funds Law, Securities Regulation); and Stephanie Monaco (Corporate Law, Mutual Funds Law, Private Funds / Hedge Funds Law, Securities Regulation). The firm’s 2027 Best Lawyers in New York include Carole Bass (Trusts and Estates); J. Truman Bidwell, Jr. (Corporate Law); Domenick Pugliese (Mutual Funds Law); Constantine Ralli (Trusts and Estates); and Marc Stern (Trusts and Estates). Best Lawyers: Ones to Watch Awardees Best Lawyers awards this recognition to attorneys who are earlier in their careers for their outstanding professional excellence in private practice in the United States. Sullivan’s lawyers earning this award include Alexander Gansebom (Corporate Governance and Compliance Law, Corporate Law, Health Care Law, Mergers and Acquisitions Law, Real Estate Law); Emily Goldschmidt (Corporate Law); Ryan Rosenblatt (Commercial Litigation); and Ashley Tan (Real Estate Law). Best Lawyers Selection Methodology Recognition by Best Lawyers in America® is based on a peer review process designed to capture the consensus opinion of leading lawyers about the professional abilities of their colleagues within the same geographical and legal practice areas. About Sullivan Sullivan & Worcester (Sullivan) is a premier, AmLaw 200 international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Top Tier Firm, Legal 500 United States 2026
Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition
Boston, MA – Sullivan & Worcester announced that its practice groups and attorneys have been ranked and recommended in the Legal 500 United States 2026. The firm’s Real Estate practice was newly ranked Tier 1 in the “Real estate – mid-market ($0-500m)” category and the firm maintained rankings across a variety of practice areas. Partners Nicole Crum and John Steiner were newly ranked as Leading Partners and Ryan Rosenblatt as a Next Generation Partner. Peers and more than 300,000 corporate counsel were surveyed and interviewed globally in the past 12 months to assess law firms’ overall visibility and reputation, culminating in detailed rankings and editorial. The Legal 500 is an independent guide, and firms and individuals are recommended purely on merit. Sullivan's lawyers received the following rankings: Leading Partners: The Legal 500’s Guide to Outstanding Lawyers Nationwide Benjamin Armour - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) Ameek Ashok Ponda - Real Estate Investment Trusts (REITs)  Nicole Crum - Mutual/registered/exchange-traded funds Lewis Segall - M&A: Middle-Market (Sub-$500m); M&A: middle-market ($0-250m) John Steiner - Real estate – mid-market ($0-500m) Douglas Stransky - International Tax Joel Telpner - Fintech Next Generation Partners: The Legal 500’s Guide to Up-and-Coming Lawyers Nationwide Ryan Rosenblatt - General commercial disputes – mid-market ($250-500m) Sarah Wellings - Real Estate Investment Trusts (REITs) Practice Areas Ranked and Attorneys Recognized Corporate Governance “Our lead partner, Nicole Crum, who leads the investment industry practice, is exceptional. She demonstrates strong industry knowledge yet is very personable and anticipates what we need to know or what we should consider doing to handle any matter. The team roll up their sleeves and provide recommendations as to how we as a board should handle any matter. Strong service commitment and work ethic!” “The team we have at Sullivan & Worcester has served our company for years and knows the management team, staff as well as our board members. They are extremely responsive and proactive and anticipate what we should be aware of, concerned about, excited about, and how to handle oversight, processes and protocols to ensure we are carrying out our fiduciary duties. The partners are experts in this industry.” Leading Partner: Nicole Crum Recommended Lawyers: Howard Berkenblit, David Leahy Dispute Resolution/General Commercial Disputes “Diverse skillset. Client centric. Transparency. Urgency provided on all matters.” “I have worked with Gerry Silver for over 15 years and have found his pragmatic approach to complex matters refreshing. He understands our business, culture and market, and will give me his opinion in a digestible manner.” Next Generation Partner: Ryan Rosenblatt Recommended Lawyers: Gerry Silver, Patrick Dinardo, Laura Steinberg, Michael Sullivan, Amy Zuccarello, Erika Todd, Christopher Shields, Anna Lea McNerney Employee Benefits, Executive Compensation and Retirement Plans: Design “The level of expertise is top shelf. David Guadagnoli seems to know all of ERISA and IRS rulings.” “David Guadagnoli and Amy Sheridan both have superior knowledge in their respective areas. I value the ability to raise issues whether simple or complex. The firm takes the same diligent approach across all spectrums of complexity.” Recommended Lawyers: David Guadagnoli, Amy Sheridan Environment: Transactional Fintech “Sullivan & Worcester is one of the finest firms with which I have worked.” “The lawyers are excellent, and the firm consistently provides the highest quality of customer service.” Leading Partner: Joel Telpner Recommended Lawyers: Natalie Lederman, Benjamin Armour, Scott Kaufman, Harvey Bines, Christopher Curtis Land Use/Zoning Recommended Lawyers: Gregory Sampson, Ashley Brooks, Victor Baltera, Karen Kepler, Ashley Tan M&A: Corporate and Commercial: Venture Capital and Emerging Companies Recommended Lawyers: Scott Kaufman, Lewis Segall, Benjamin Armour, Michael Student M&A: Middle-Market ($0-250m) “The partner Lewis Segall has been working with our company for 15 years and we have a good working relationship with him. He knows our history and very attentive to our needs.” “Lewis Segall is very attentive to our needs. We very much value him.” Leading Partners: Benjamin Armour, Lewis Segall Recommended Lawyers: Natalie Lederman Mutual/Registered/Exchange-Traded Funds “Sullivan & Worcester's practice is defined by its deep expertise in investment funds and its ability to deliver clear, commercially grounded advice across the full fund lifecycle—from formation and structuring to regulatory compliance and complex transactions.” “The team is highly experienced, collaborative, and excel in efficient execution and clear communication.” Leading Partner: Nicole Crum Recommended Lawyers: David Leahy, David Mahaffey, Rachael Schwartz Real Estate Leading Partner: John Steiner Recommended Lawyers: Ashley Brooks, Karen Kepler, Gregory Sampson, Sharon Leifer, Louis Monti, Spencer Stone, Ashley Tan Real Estate Investment Trusts (REITs) “We have built multiple complex and sophisticated REIT platforms over the years and worked with many top-tier REIT specialists, but Sullivan’s REIT practice is by far the best, with Sarah Wellings.” Leading Partner: Ameek Ashok Ponda Next Generation Partner: Sarah Wellings Recommended Lawyers: Angela Gomes, Louis Monti, Shu Wei, Cameron Cosby International Tax “The international collaboration with S&W is exceptional.” “What really stands out is their willingness to engage, openness to different ideas and opinions, clearly expressed expectations, and clients' objectives.” Leading Partner: Douglas Stransky Recommended Lawyers: Lewis Greenwald, Eric Rietveld Tax > US Taxes: Contentious Recommended Lawyers: Richard Jones, David Nagle, Daniel Ryan, Caroline Kupiec Tax > US Taxes: Non-Contentious “Sarah Wellings is, quite simply, the best lawyer we have ever worked with. Her expertise extends far beyond tax and REIT matters, encompassing governance, financing, and complex commercial issues. Decades of experience and technical mastery make her an indispensable partner. Sarah is our central point of contact who makes everything seamless. Her in-house counsel background gives her a unique client perspective: she anticipates needs, solves problems before they arise, and delivers concise, well-structured updates that simplify even the most intricate issues. She coordinates effortlessly with all parties involved. Her judgment is exceptional. Sarah strikes the perfect balance between comprehensive academic rigor and practical, business-oriented advice. She combines technical REIT/tax excellence with commercial instincts, ensuring every recommendation is both legally sound and strategically smart. Her ability to translate complex law into clear, actionable guidance is unmatched. Sarah is incredibly responsive without ever sacrificing quality. She treats our matters as her own, demonstrating a rare ownership mindset and collaborative spirit. Her integrity is uncompromising, giving us absolute confidence in her counsel. In short, Sarah Wellings defines legal excellence: reliable, commercially minded, and client-focused. Working with her feels like being in the safest possible hands; she consistently exceeds expectations and orchestrates complex transactions with clarity and precision.” Recommended Lawyers: Ameek Ashok Ponda, Richard Jones, Douglas Stransky, Sarah Wellings About Sullivan Sullivan & Worcester (Sullivan) is a premier international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.

Amy A. Zuccarello

August 20, 2026

–Press Release

44 Sullivan & Worcester Lawyers Selected as “Best Lawyers” Award Recipients

June 15, 2026

–Press Release

Sullivan & Worcester Ranked in the Legal 500 United States 2026 Edition

Top Tier Firm, Legal 500 United States 2026

June 4, 2026

–Press Release

Sullivan & Worcester Ranked in Chambers USA 2026 Edition

April 17, 2026

–Firm Announcement

Sullivan Attorneys Selected to 2026 Massachusetts Super Lawyers and Rising Stars Lists

February 26, 2026

–Press Release

Sullivan & Worcester Ranked in The Legal 500 Boston Elite 2026

November 25, 2025

–Firm Announcement

Sullivan & Worcester Attorneys Named to 2025 Top Lawyers List by Boston Magazine

Boston Magazine

October 24, 2025

–Firm Announcement

Sullivan Attorneys Selected to 2025 Massachusetts Super Lawyers and Rising Stars Lists

August 21, 2025

–Press Release

44 Sullivan & Worcester Lawyers Named as “Best Lawyers” Award Recipients

Three Lawyers Recognized as “2026 Lawyer of the Year” and Five Recognized Among “Ones to Watch” in the U.S.

June 27, 2025

–Press Release

Amy Zuccarello Named to Lawdragon's 500 Leading U.S. Bankruptcy & Restructuring Lawyers List

June 5, 2025

–Press Release

Sullivan & Worcester Ranked in Chambers USA 2025 Edition

November 19, 2024

–Firm Announcement

Sullivan & Worcester Attorneys Named to 2024 Top Lawyers List by Boston Magazine

September 27, 2024

–Firm Announcement

Sullivan Attorneys Named 2024 Massachusetts Super Lawyers and Rising Stars

Massachusetts Super Lawyers Magazine

August 15, 2024

–Press Release

33 Sullivan & Worcester Lawyers Recognized as Best Lawyers® Award Recipients

Nine Sullivan & Worcester Lawyers Named to 2025 Best Lawyers: Ones to Watch® in America

June 14, 2024

–Press Release

Amy A. Zuccarello Named to Lawdragon's 500 Leading U.S. Bankruptcy & Restructuring Lawyers List

June 12, 2024

–Press Release

Sullivan Earns Top Rankings in the 2024 Edition of The Legal 500 United States

June 6, 2024

–Press Release

Sullivan & Worcester Ranked in the 2024 Edition of Chambers USA

January 23, 2024

–Quoted

As Paint Brand Kelly-Moore Ends Operations, Competitors Try to Swoop In

ModernRetail

November 21, 2023

–Firm Announcement

Sullivan Attorneys Named to 2023 Top Lawyers List by Boston Magazine

Boston Magazine

October 12, 2023

–Firm Announcement

Sullivan Attorneys Named 2023 Massachusetts Super Lawyers and Rising Stars

New England Super Lawyers Magazine

September 28, 2023

–Press Release

Sullivan & Worcester Expands Bankruptcy Team

Keri Wintle Costello Joins NYC Office

June 20, 2023

–Press Release

Amy A. Zuccarello Named to Lawdragon's 500 Leading U.S. Bankruptcy & Restructuring Lawyers List

June 1, 2023

–Press Release

Sullivan & Worcester Ranked in the 2023 Edition of Chambers USA

May 8, 2023

–Press Release

Sullivan & Worcester Elects Amy A. Zuccarello to Management Committee

December 5, 2022

–Quoted

Bankrupt Celsius, Customers Gear Up for Crypto Ownership Fight

Bloomberg Law

November 22, 2022

–Press Release

Sullivan Attorneys Named to 2022 Top Lawyers List by Boston Magazine

Inc. Magazine

October 11, 2022

–Press Release

Sullivan Attorneys Named 2022 Massachusetts Super Lawyers and Rising Stars

New England Super Lawyers Magazine

June 2, 2022

–Press Release

Sullivan & Worcester Recognized in the 2022 Edition of Chambers USA

Chambers USA

January 14, 2022

–Press Release

Amy A. Zuccarello Named to Lawdragon's 500 Leading U.S. Bankruptcy & Restructuring Lawyers List

November 24, 2021

–Press Release

Sullivan Attorneys Named to 2021 Top Lawyers List by Boston Magazine

March 2, 2021

–Quoted

A One-Day Ch. 11 Turnaround? Belk Shows It Can Be Done

Law360

Biography Matters Viewpoints News Events

Featured

Viewpoints
New York City Imposes New Pied-à-Terre Tax on Certain High-Value Homes

New York City Department of Finance (“NYC DOF”) recently began notifying property owners by mail that they may be subject to the City’s new Non-Primary Residence Surcharge, which will be imposed annually on certain high-value residential properties that are not used as primary residences.[i] Although the surcharge is commonly referred to as the “Pied-à-Terre Tax,” it applies to a broader range of non-primary residences. Receipt of a notice does not necessarily

Events
Going Live in China

Sullivan partner Tehila Levi Lati will speak at a webinar held in collaboration with Amazon and Digate titled "Going Live in China" on September 8, 2026. Designed for decision-makers and technical leaders navigating regional expansion, the program will explore key technical, legal and operational considerations for launching in China, including cloud infrastructure, local licensing, data privacy and corporate risk management. During the webinar, Tehila will leverage her deep experience leading Sullivan's China and

News
44 Sullivan & Worcester Lawyers Selected as “Best Lawyers” Award Recipients
News
IRS Proposed Rules for Trusts Eliminate Reporting Headaches

John Graham was quoted in the article "IRS Proposed Rules for Trusts Eliminate Reporting Headaches," published by Bloomberg Tax [sub. req'd] on August 17, 2026. The article focuses on proposed IRS rules that would ease reporting requirements for trusts with certain charitable deductions, helping them avoid late-filing penalties while simplifying the process for both taxpayers and the IRS. “It’s favorable to taxpayers,” John said, summing up the benefit of the proposed rules.

Viewpoints
Client Alert Update: Litigation Challenges Implementation of NYC’s Pied-à-Terre Tax

Since the publication of this Client Alert on July 30, 2026, several significant developments have affected the implementation of NYC’s Non-Primary Residence Surcharge (the “Pied-à-Terre Tax”), including the NYC Department of Finance (“NYC DOF”) extending the deadline for property owners to submit exemption applications to September 18, 2026. On August 7, 2026, three NYC homeowners filed a lawsuit challenging the City’s implementation of the surcharge, including the City’s process of identifying

Events
The Next Generation: Three Emerging Leaders, Three Ideas

Simon Cook, in his role as ITFA's Head of Education, will jointly moderate a Q&A on “The next generation: Three emerging leaders, three ideas”, together with Charlie O'Mulloy, chair of ITFA’s Emerging Leader Committee and Associate Banker at EBRD, at ITFA’s 52nd Annual International Trade and Forfaiting Conference in Split, Croatia on September 9. The Q&A will follow the presentations made by the finalists of the 2026 ITFA Emerging Leader

Viewpoints
SEC Stays Approval of Nasdaq’s $5 Million MVLS Continued Listing Requirement Pending Commission Review

On July 29, 2026, the Securities and Exchange Commission (the "SEC") notified Nasdaq that it had received notices of intention to petition for review of the SEC's July 22, 2026 order approving Nasdaq's proposed rule change requiring listed companies to maintain a minimum Market Value of Listed Securities ("MVLS") of $5 million. Pursuant to Rule 431(e) of the SEC's Rules of Practice, the July 22, 2026 approval order has been

Viewpoints
The Org Chart Was Wrong: Entity Classification, Tax Due Diligence and Who Pays When an International Deal Springs a Leak

Douglas S. Stransky, partner and leader of the Tax Practice Group, has published a new post on the LexisNexis blog examining a recurring problem in cross-border acquisitions: entity classification errors discovered in tax due diligence. Using a hypothetical fact pattern in which a target’s foreign subsidiary never filed its check-the-box election, the post explains why classification mistakes persist, how a missing Form 5471 can leave the assessment statute open indefinitely under

Events
Financing the Future: From Defence to Critical Raw Materials

Geoffrey Wynne will participate in a panel discussion at ITFA's 52nd Annual International Trade and Forfaiting Conference alongside Ailsa McNeil, Director at Texel, and Hernan Mayol, Board Member and Representative of ITFA Americas and Chair of ITFA’s Latin America Regional Committee (LARC). The session, titled “Financing the future: From defence to critical raw materials,” will be moderated by Clarissa Dann, Editorial Director at Deutsche Bank AG.  The session will explore how trade

News
Sullivan Advises DataVault AI, Inc. on Acquisition of NYIAX, Inc.

Sullivan & Worcester represented Datavault AI Inc. (Nasdaq: DVLT), an Artificial Intelligence Platform company focused on data monetization, tokenization and digital asset technologies, in its acquisition of NYIAX, Inc., a pioneer in blockchain-enabled exchange technology and contract management infrastructure. The acquisition adds NYIAX's institutional-grade exchange technology, blockchain settlement infrastructure and portfolio of intellectual property assets to Datavault AI's platform, strengthening the company's capabilities across the digital asset and real-world asset tokenization

Viewpoints
New York City Imposes New Pied-à-Terre Tax on Certain High-Value Homes

New York City Department of Finance (“NYC DOF”) recently began notifying property owners by mail that they may be subject to the City’s new Non-Primary Residence Surcharge, which will be imposed annually on certain high-value residential properties that are not used as primary residences.[i] Although the surcharge is commonly referred to as the “Pied-à-Terre Tax,” it applies to a broader range of non-primary residences. Receipt of a notice does not necessarily

Events
Going Live in China

Sullivan partner Tehila Levi Lati will speak at a webinar held in collaboration with Amazon and Digate titled "Going Live in China" on September 8, 2026. Designed for decision-makers and technical leaders navigating regional expansion, the program will explore key technical, legal and operational considerations for launching in China, including cloud infrastructure, local licensing, data privacy and corporate risk management. During the webinar, Tehila will leverage her deep experience leading Sullivan's China and

News
44 Sullivan & Worcester Lawyers Selected as “Best Lawyers” Award Recipients
News
IRS Proposed Rules for Trusts Eliminate Reporting Headaches

John Graham was quoted in the article "IRS Proposed Rules for Trusts Eliminate Reporting Headaches," published by Bloomberg Tax [sub. req'd] on August 17, 2026. The article focuses on proposed IRS rules that would ease reporting requirements for trusts with certain charitable deductions, helping them avoid late-filing penalties while simplifying the process for both taxpayers and the IRS. “It’s favorable to taxpayers,” John said, summing up the benefit of the proposed rules.

Viewpoints
Client Alert Update: Litigation Challenges Implementation of NYC’s Pied-à-Terre Tax

Since the publication of this Client Alert on July 30, 2026, several significant developments have affected the implementation of NYC’s Non-Primary Residence Surcharge (the “Pied-à-Terre Tax”), including the NYC Department of Finance (“NYC DOF”) extending the deadline for property owners to submit exemption applications to September 18, 2026. On August 7, 2026, three NYC homeowners filed a lawsuit challenging the City’s implementation of the surcharge, including the City’s process of identifying

Events
The Next Generation: Three Emerging Leaders, Three Ideas

Simon Cook, in his role as ITFA's Head of Education, will jointly moderate a Q&A on “The next generation: Three emerging leaders, three ideas”, together with Charlie O'Mulloy, chair of ITFA’s Emerging Leader Committee and Associate Banker at EBRD, at ITFA’s 52nd Annual International Trade and Forfaiting Conference in Split, Croatia on September 9. The Q&A will follow the presentations made by the finalists of the 2026 ITFA Emerging Leader

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