450 former Dewey & LeBoeuf partners reach settlement

October 13, 2012 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.

Read more at www.rollonfriday.com.

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