Email your news and story ideas to: [email protected]
Retired Dewey partners reach settlement
A group of retired partners from defunct New York law firm Dewey & LeBoeuf has reached an agreement to put bankruptcy proceedings back on track for fast approval, according to media reports last week.
New York: retired dewey partners fall into line
Sign up for our free daily newsletter
YOUR PRIVACY - PLEASE READ CAREFULLY DATA PROTECTION STATEMENT
Below we explain how we will communicate with you. We set out how we use your data in our Privacy Policy.
Global City Media, and its associated brands will use the lawful basis of legitimate interests to use
the
contact details you have supplied to contact you regarding our publications, events, training,
reader
research, and other relevant information. We will always give you the option to opt out of our
marketing.
By clicking submit, you confirm that you understand and accept the Terms & Conditions and Privacy Policy
The Am Law Daily says that the settlement plan was offered to 125 retired Dewey partners—most of them tied to legacy firm LeBoeuf, Lamb, Green & MacRae. They were asked to repay the bankruptcy estate a portion of money they received from the firm in 2011 and 2012, which included tax advances, payments from non-qualified retirement plans, and of counsel and special counsel compensation.
Future claims
According to a report from Thompson Reuters, the retired partners were also asked to give up any future claims against the estate, abandon around $80 million in proofs of claim filed in the bankruptcy as well as making other guarantees. It says the retirees will pay the Dewey estate either $5000 or 25 per cent of payments they received from Dewey in 2011 and 2012 to release them from claims against them, whichever is the smaller amount.
The settlement now needs the approval of US bankruptcy court judge Martin Glenn, who has already approved the partner contribution plan.
