Former Dewey boss Davis resurfaces as CEO of Emirate investment office
Steve Davis, the former chairman of collapsed law firm Dewey & Leboeuf, has resurfaced as acting CEO to the Investment and Development Office of the government of United Arab Emirate Ras al Khaimah.
January 03, 2014 at 07:07 AM
2 minute read
Steve Davis, the former chairman of collapsed law firm Dewey & Leboeuf, has been appointed as acting CEO to the Investment and Development Office of the government of United Arab Emirate Ras al Khaimah.
It has also been reported that Davis (pictured) has signed an agreement with the emirate's ruler, Sheik Saud bin Saqr Al Qasimi, making him the top legal adviser to the government of the UAE's fourth largest emirate.
Former chief executive Jim Stewart is understood to have resigned on medical grounds.
The Investment and Development Office is charged with implementing Ras al Khaimah's economic policy and managing its credit rating along with the government's investments and debt issuances.
The office also manages the provision of financial and legal advice to the government.
An energy lawyer by background, Davis led Dewey for almost a decade until it fell into administration in May 2012. Since then, he has faced potential criminal litigation. He has also settled with the Dewey estate exempting him from ongoing mismanagement claims.
Davis is seen by many former Dewey partners and watchers as having presided over a disastrous management policy which awarded guarantees to around a third of its 300-strong partnership, creating obligations the firm was unable to meet.
By 2011, around half of the firm's net income was committed to paying deferred compensation and pensions contributions, severely cutting available distributions and contributing to a string of partner exits.
In April 2012, Davis agreed to a $500,000 settlement with the firm's trustee and insurer over claims that bad management contributed to Dewey's high-profile collapse.
A settlement filing stated Davis "denies any wrongdoing on his part at Dewey" and that prior to bankruptcy, "he fulfilled his duties and at all times acted in what he reasonably believed was in the best interest of Dewey and its estate".
Davis' move is also of note as he came out as gay a number of years ago. As one of the seven Emirates, homosexuality is illegal in Ras al Khaimah, and there is no formal recognition of same-sex relationships.
A Ras al Khaimah spokesperson could not be reached when contacted yesterday.
Related: Our Lehman – the final days of Dewey
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All'I Won’t Name the Firm, But...'—Barratt Redrow's Legal Head on External Counsel Red Flags
Setting Standards: Vanguard Australia's Sean Hughes on Moving From Government Regulator to Corporate General Counsel
6 minute readNetflix Offices Raided by Authorities in Paris and Amsterdam
Trending Stories
- 1The Pusillanimous Press
- 2Contract Lifecycle Management Company ContractPodAi Unveils Leah Drive
- 3'Great News' for Businesses? Judge Halts Transparency Mandate
- 4Consilio Announces ‘Native AI Review,’ Expanding Its Gen AI E-Discovery Offerings
- 5Federal Judge Hits US With $227,000 Sanction for Discovery Misconduct
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250