Daily News: September 24, 2012

Dewey Partners Named in $71.5MM Step Toward Recovery


Reuters reported that the wind-down team of defunct Wall Street law firm Dewey & LeBoeuf revealed the identities of partners participating in a proposed $71.5 million settlement, and disclosed how much money each partner had agreed to pay. The settlement, if approved, would be the first major recovery for creditors who claim they are owned more than $500 million, Reuters said.

Partners are agreeing to contribute back compensation – between $5,000 and $3.5 million each – in exchange for being released from potential clawback claims. The amounts contributed are pegged to the partners’ compensation at the firm. Reuters said the list names 444 former partners accepting the settlement, 56 of them have agreed to pay the minimum allowed in the settlement of $5,000.

To read the Reuters story, click here.