450 former Dewey & LeBoeuf partners reach settlement

450 of 670 former Dewey & LeBoeuf partners have reached a settlement with the defunct firm's estate, with a New York judge approving the deal that saw former partners pay money into a fund that absolves them of any further responsibility to the firm’s estate. The amount paid by individual partners varied between $25,000 and $3 million, and the total haul of money recovered from partners is $71.5 million. The sum represents a fraction of the $500 million claimed by the firm’s creditors, who will be going after ex-chairman Steven Davis, as well as Dewey’s former CEO and CFO and, presumably, those partners that opted not to participate in the settlement, to recoup further losses.

450 former Dewey & LeBoeuf partners reach settlement rollonfriday.com Sat, Oct 13, 2012