Attorney Fees
Paul Weiss Discounts Dreier Charges, Expects to Bill $1.4M
Posted Apr 3, 2009, 04:03 pm CST
By Martha Neil
A court-appointed receiver overseeing the wind-up of the Dreier law firm once overseen by New York attorney Marc Dreier says his work essentially is done, now that he and his law firm have secured some $100 million in Dreier assets.
So partner Mark Pomerantz and Paul Weiss Rifkind Wharton & Garrison asked a federal judge in the Southern District of New York to dissolve the receivership, reports the New York Law Journal.
Pomerantz expects the firm—which has substantially discounted its regular rates on the Dreier case—to submit a bill for about $1.4 million for its work over the past four months, after Dreier's alleged wrongdoing came to light.
As discussed in earlier ABAJournal.com posts, Dreier is accused of stealing some $400 million from hedge funds and other sophisticated investors by selling them fake promissory notes backed by forged documents.
Dreier is being held under house arrest, on $10 million bail, while awaiting trial in federal court in New York.