Aviva sues former Dewey chiefs over 2010 bond offering
US subsidiaries of UK insurance giant Aviva have filed a lawsuit against the three former leaders of defunct law firm Dewey & LeBoeuf relating to the firm's $125m (£77.1m) bond offering in 2010. The claim was filed against former Dewey chairman Steven Davis, former executive director Stephen DiCarmine and former chief financial officer Joel Sanders on Friday (14 December) in Iowa Southern District Court by Aviva Life and Annuity Company and Aviva Life and Annuity Company of New York.
December 18, 2012 at 07:00 AM
3 minute read
US subsidiaries of UK insurance giant Aviva have filed a lawsuit against the three former leaders of defunct law firm Dewey & LeBoeuf relating to the firm's $125m (£77.1m) bond offering in 2010.
The claim was filed against former Dewey chairman Steven Davis, former executive director Stephen DiCarmine and former chief financial officer Joel Sanders on Friday (14 December) in Iowa Southern District Court by Aviva Life and Annuity Company and Aviva Life and Annuity Company of New York.
Aviva bought $35m (£21.6m) in senior secured notes from Dewey in 2010. It alleges that the firm's leadership team failed to sufficiently inform the company about Dewey's financial health at the time of the acquisition, leading to a loss when it subsequently sold them earlier this year.
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