Dewey Hit With 10% Fee Holdback In Ambac Ch. 11

Law360 (April 27, 2011, 2:12 PM EDT) -- A New York bankruptcy judge imposed a 10 percent holdback on professional fees Wednesday until Ambac Financial Group Inc.'s bankruptcy proceedings are finalized, splitting the difference between demands by the government and Ambac's attorneys at Dewey & LeBoeuf LLP.

"I'm just going to split the baby," U.S. Bankruptcy Judge Shelley C. Chapman said. She reduced the 20 percent holdback that the U.S. Trustee's Office wanted but did not go so far as to impose no holdback at all, the preference of Dewey & LeBoeuf and the...
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