JPMorgan Defends Dewey's $71M Clawback Plan

Law360, New York (September 18, 2012, 5:08 PM EDT) -- JPMorgan Chase Bank NA on Tuesday threw its support behind Dewey & LeBoeuf LLP's proposed $71 million clawback deal with ex-partners, saying certain former partners' objections were merely attempts to frustrate the Chapter 11 plan process and should be overruled.

As administrative and collateral agent under an April 2010 secured credit agreement, the bank supports the relief the debtor requested in its motion for approval of the so-called partner contribution plan, a centerpiece of Dewey's bankruptcy.

“The PCP provides a fair and efficient resolution of claims...
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