Bankruptcy Law

Judge OKs $19.5M settlement over claimed Dewey mismanagement

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.

See also “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”

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