The judge overseeing Dewey & LeBoeuf’s Chapter 11 proceedings on Tuesday approved a settlement plan under which ex-Dewey partners will repay the defunct firm’s estate $71.5 million, making the bankruptcy the first in which a major law firm has managed to resolve claims against a majority of its former partners within months of its dissolution.
Southern District Bankruptcy Judge Martin Glenn (See Profile), in a 27-page ruling, also firmly rejected a call from two groups of retired partners affiliated with predecessor firm LeBoeuf, Lamb, Greene & MacRae that he appoint an examiner to review the settlement. In refusing that request, Glenn said bluntly that the retirees motion “was filed for an improper purpose as a litigation tactic to try to derail approval” of the plan.
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