New York: retired dewey partners fall into line
The Am Law Daily says that the settlement plan was offered to 125 retired Dewey partners—most of them tied to legacy firm LeBoeuf, Lamb, Green & MacRae. They were asked to repay the bankruptcy estate a portion of money they received from the firm in 2011 and 2012, which included tax advances, payments from non-qualified retirement plans, and of counsel and special counsel compensation.
According to a report from Thompson Reuters, the retired partners were also asked to give up any future claims against the estate, abandon around $80 million in proofs of claim filed in the bankruptcy as well as making other guarantees. It says the retirees will pay the Dewey estate either $5000 or 25 per cent of payments they received from Dewey in 2011 and 2012 to release them from claims against them, whichever is the smaller amount.
The settlement now needs the approval of US bankruptcy court judge Martin Glenn, who has already approved the partner contribution plan.