Retiree Group Claims Dewey Clawback Plan Protects Leaders at Expense of Other Partners
Posted Jul 18, 2012 7:02 AM CST
By Debra Cassens Weiss
A group of Dewey & LeBoeuf retirees claims a proposed $103.6 million clawback settlement is unfair because it protects firm leaders from lawsuits and caps payouts by highly compensated partners.
Annette Jarvis of Dorsey & Whitney is representing the group of 53 retirees or their survivors, all from the LeBoeuf side of the firm, the Wall Street Journal Law Blog reports. In a statement, she told the publication the plan is “nothing more than a flagrant attempt by the grossly over-compensated partners who ran the firm into the ground to escape liability for their own conduct.”
The retiree group, she said, is being asked to pay back pension money received in the last two years while key partners have capped clawback liability of $3 million. “Under the plan, all partners—even undercompensated partners, retirees who were never partners of Dewey & LeBoeuf and their widows—share equally in the firm’s losses while the partners responsible for the firm’s collapse obtain a full release,” Jarvis said.