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.
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