In its effort to recover money from former Dewey & LeBoeuf lawyers to whom it extended loans meant to cover capital contributions to the firm, Citi Private Bank has so far initiated one legal action. As Recorder sibling publication The Am Law Daily reported in June, Citi sued Steven Otillar in New York state court just three days after Dewey’s May 28 bankruptcy filing. At issue: $209,670 Citi loaned Otillar, a Houston-based energy and finance lawyer who joined Dewey as a junior partner from Baker & McKenzie in January 2011, so that he could meet the capital demands of his new firm.
A review of online court dockets indicates that Otillar though not the only Dewey partner to take out such a loan remains the only borrower Citi has sued so far. Even as he has begun to fight back aggressively, it remains unclear why Otillar has been singled out. But a little-noticed court filing submitted earlier this summer suggests he may not stand alone for long.
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