Last month, we provided you with detailed information about how much various former partners of Dewey & LeBoeuf earned in the last two years of the firm’s existence. We also reported on how much these partners were each being asked to pay into the “Partner Contribution Plan,” a global settlement that would provide these partners with releases from future Dewey-related liability.
At the time of that report, we didn’t know which partners decided to sign up for the PCP and which ones declined the offer. But now we do, thanks to a recent bankruptcy court filing by Dewey.
Dewey want to know the skinny? Of course we do….
Here are some basic facts about the proposed settlement:
- The total settlement amount is approximately $71.5 million.
- Some 444 ex-partners have agreed to participate.
- Their contributions to the PCP range from a high of $3.5 million to the minimum of $5,000.
- The proceeds from the settlement will go to service Dewey’s massive debts, estimated between $315 million to $560 million.
- The settlement has not yet been approved by Judge Martin Glenn; a number of groups have objected to it.
- As we’ve noted before, former chairman Steven Davis was not invited to participate.
Here are some of the more prominent partners who have agreed to participate in the plan, along with what each has agreed to pay (alphabetical order):
- Martin Bienenstock: $643,011
- Alexander Dye: $1,675,588
- Ralph Ferrara: $3,366,480
- Michael Groll: $1,660,887
- Jeffrey Kessler: $1,989,381
- Charles Landgraf: $202,777
- Morton Pierce: $1,020,375
- John Schwolsky: $1,675,771
- Berge Setrakian: $3,500,000
- Richard Shutran: $665,088
These names are not surprising. Many of them were some of Dewey’s highest-paid partners, who potentially have the most to lose from clawback litigation, or former members of firm management, who have the most to gain from being insulated from Dewey-related liability. They’ve all landed at new firms, and they just want to get on with their lives.
As for the numbers, they may look familiar. The listed settlement amounts seem to be consistent with the figures that we previously shared with you back in August. Come to Above the Law to learn tomorrow’s law firm news today.
You can check out the complete filing here. If you have interesting observations, please share them in the comments.
Schedule of Participating Partners and Partner Contribution Amounts as of September 20, 2012
[U.S. Bankruptcy Court for the Southern District of New York]
Dewey Docket: ‘Clawback’ Plan Filing Shows Who Will Pay (And How Much) [WSJ Law Blog]
Retired Dewey Partners Press Estate on Hasty Settlement Process [Am Law Daily]
Identities of top contributors to Dewey settlement are revealed [Thomson Reuters News & Insight]
Names of Former Dewey Partners Contributing to Bankruptcy Settlement Have Been Released [ABA Journal]