Ex-Thelen Partners Object To Ch. 7 Trustee's $5M Deals

Law360, New York (October 18, 2011, 9:57 PM EDT) -- Fifteen former partners of Thelen LLP filed objections Monday and Tuesday to the bankrupt firm’s Chapter 7 trustee’s settlements worth $5 million with 93 former partners over compensation they received in the firm’s last years.

The former partners are asking the New York bankruptcy court to deny the trustee’s request for settlement approval, calling the deal’s third-party release language overly broad and claiming a most favored claims provision in the settlement will have a chilling effect on the trustee’s negotiations with other partners.

“If approved, the...
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