The three - ex chair Steven Davis, former executive director Stephen DiCarmine and ex chief finance officer Joel Sanders - have been accused, in a criminal indictment, of making misrepresentations when seeking US$250m of refinancing for the firm. But, in a joint motion, they now point the finger at different factors, such as the alleged greed of partners. The three are seeking a review of grand jury minutes in order to determine whether prosecutors have been fair or not, and to see if the prosecutors have evidence to back their arguments, in making the case against the three. The ex-managers are seeking the dismissal of charges against them which are not backed by evidence. 

Key partners defecting

The joint motion attributes the Dewey failure to ‘a combination of The Great Recession, the voracious greed of some of the firm's partners, the decisions of several key partners to defect, and the publicity engendered by the District Attorney's investigation that torpedoed an impending merger with another law firm, as well as D&L's ongoing negotiations with its lenders to renew its credit facility’. Source: ABA