Dewey Execs Say $20M Settlement Leaves Firm Vulnerable

Law360, Los Angeles (May 02, 2013, 10:11 PM ET) -- Two ex-Dewey & LeBoeuf LLP executives on Thursday objected to a proposed $19.5 million agreement settling existing mismanagement claims, arguing that it would leave the firm's primary insurer with nothing left to defend against possible future claims.

Under the terms of the settlement, Dewey insurer XL Specialty Insurance Co. would pay $19 million of the $19.5 million in its remaining coverage to end claims that arose against Stephen DiCarmine, Joel I. Sanders and other executives after the firm’s downfall. They say the $19 million figure is...
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