PBGC Sues Dewey For Control Of 'Underfunded' Pension Plans

Law360, New York (May 15, 2012, 4:12 PM EDT) -- The Pension Benefit Guaranty Corp. sued Dewey & LeBoeuf LLP in New York federal court Monday in an attempt to gain control of the ailing law firm's three pension funds, claiming the plans are underfunded by more than $80 million.

PBGC — which operates as an independent governmental insurance program for private pension benefit plans — is seeking a court order terminating the plans and appointing the regulator as trustee after conversations between the regulator and the firm last week revealed Dewey's dire circumstances.

“PBGC has...
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