Insurer Claims Dewey's Advice Led To $1B Loss

Law360, New York (May 28, 2009, 12:00 AM EDT) -- After recovering almost $200 million from Goldman Sachs Group Inc. and Morgan Stanley, liquidators overseeing General American Life Insurance Co. have gone after Dewey & LeBoeuf LLP, claiming the law firm's bad advice on a sale and an investment strategy cost the insurer $1 billion and led to its collapse.

The liquidators filed suit against Dewey & LeBoeuf on Tuesday in the Missouri Circuit Court for the Nineteenth Judicial Circuit, asking for $3 billion in punitive damages against the law firm for its alleged role in...
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