Posted May 31, 2013 04:45 pm CDT
A federal judge in New York has approved a settlement between the bankruptcy estate of Dewey & LeBoeuf, an insurer and its former chair over claimed mismanagement of the now-defunct law firm.
The insurer, XL Specialty Insurance Company, will pay the lion’s share of the $19.5 million settlement approved Thursday. Former chairman Steven Davis, who denies wrongdoing, has agreed to contribute $511,145, Reuters reports.
A $71 million settlement with some 400 former partners of the firm that was OK’d in October required them to pay between $5,000 and $3.5 million each.
ABAJournal.com: “Former Dewey chairman may not have to pay entire $511K settlement; it depends on his income”
Am Law Daily: “Ex-Dewey Lawyer’s Move Adds Wrench to Firm’s Bankruptcy”
Am Law Daily: “Ex-Dewey Partners Face New Foe in Firm’s Bankruptcy”