Dewey, Insurer Agree On $7M Soft Cap For Defense Costs

Law360, New York (October 19, 2012, 3:08 PM EDT) -- Dewey & LeBoeuf LLP reached an agreement with an insurer Thursday under which the dissolving firm's management can access $6.75 million in advances from a $25 million insurance policy in order to pay defense costs in connection with claims pending against them.

U.S. Bankruptcy Judge Martin Glenn approved the stipulation between Dewey and XL Specialty Insurance Co. and granted XL Specialty's motion for relief from the bankruptcy's automatic stay.

According to Judge Glenn's order, before Dewey filed for bankruptcy on May 28, XL Specialty issued it...
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