Eight former Dewey & LeBoeuf partners, in joint arguments, contend they don’t have to return the more than $20 million that a bankruptcy trustee is collectively seeking because their legal work provided value to the firm and its creditors.
Meanwhile, trustee Alan Jacobs said their arguments fail because, as partners, they were only entitled to distributions of equity, not compensation, and creditors suffered when Dewey continued to make equity distributions while the firm was teetering.
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