After 13 months of negotiations and a mediation led by a retired bankruptcy judge, 60 former Howrey equity partners have reached a settlement with the defunct firm’s bankruptcy estate that will raise a combined total of $4.2 million for creditors.
Allan Diamond, the estate’s trustee and a name partner at litigation boutique Diamond McCarthy, filed the proposed settlement with U.S. Bankruptcy Judge Dennis Montali in San Francisco on May 5. If approved, the former partners in question would together pay the Howrey estate a sum equal to 16 percent of the approximately $26 million they earned collectively at the firm in the year before it failed.
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