In its effort to recover money from former Dewey & LeBoeuf lawyers to whom it extended loans meant to cover capital contributions to the firm, Citi Private Bank has so far initiated one legal action. As Recorder sibling publication The Am Law Daily reported in June, Citi sued Steven Otillar in New York state court just three days after Dewey’s May 28 bankruptcy filing. At issue: $209,670 Citi loaned Otillar, a Houston-based energy and finance lawyer who joined Dewey as a junior partner from Baker & McKenzie in January 2011, so that he could meet the capital demands of his new firm.
A review of online court dockets indicates that Otillar though not the only Dewey partner to take out such a loan remains the only borrower Citi has sued so far. Even as he has begun to fight back aggressively, it remains unclear why Otillar has been singled out. But a little-noticed court filing submitted earlier this summer suggests he may not stand alone for long.
This content has been archived.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
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]