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Former Dewey Chairman Will Be Excluded from Proposed Bankruptcy Settlement with Ex-Partners

Posted Jun 20, 2012 8:28 AM CDT
By Debra Cassens Weiss

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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.

Only one person would not be covered by the deal—former chairman Steven Davis, report the Wall Street Journal Law Blog and the Am Law Daily.

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.”

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