Posted Jun 20, 2012 01:28 pm CDT
Former partners at Dewey & LeBoeuf learned in a conference call on Tuesday that they will be presented with a plan to settle creditor claims against them in the next few weeks.
The settlement would release the ex-partners both from claims by creditors and by other one-time partners, ex-partners on the call told the Law Blog. There were no details yet on amounts they might be asked to contribute.
A “critical mass” of former partners would have to agree to the settlement for creditors to accept it, a person on the call told the Am Law Daily. Already, some were expressing doubts.
“There were a lot of angry people on the phone,” one ex-partner told the Law Blog. “People felt that they should ask for higher contributions from the more highly-compensated people.”