PBGC Asks NY Court To Terminate Dewey Pension Plans

Law360, New York (June 1, 2012, 9:55 PM EDT) -- The Pension Benefit Guaranty Corp. on Friday asked a New York federal court to terminate bankrupt Dewey & LeBoeuf LLP’s retirement plans, weeks after it filed a lawsuit in which it claimed the plans were underfunded by more than $80 million.

In its motion for summary judgment, the independent governmental insurance program for private pension benefit plans argued that Dewey’s three pension funds will be unable to pay benefits when they become due and may cause significant losses if they are not terminated.

"PBGC’s determinations that...
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