Kaye Scholer has finalized a settlement with the U.S. Trustee’s Office requiring the firm to forfeit a total of $1.5 million it was paid or expected to be paid for its work on the Chapter 11 case of investment firm GSC Group and to revamp its procedures for applying for bankruptcy assignments.
The settlement, announced in U.S. Bankruptcy Court in Manhattan on April 22, resolves claims brought by the trustee’s office in January that accused Kaye Scholer of failing to disclose key details when it applied, and was chosen, to represent GSC as debtor’s counsel in 2010.
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