U.S. Bankruptcy judge Martin Glenn has approved the liquidation plan of Dewey & LeBoeuf, which once had over 1,000 lawyers in 206 offices around the world.
Glenn said that the bankruptcy plan of Dewey & LeBoeuf is in the best interest of the estate and the creditors, remarking that all motions against it are nearly settled.
Last year, the company filed for bankruptcy under which more than 450 former partners reached agreement to pay the estate at least $71.5 million to escape from potential lawsuit from secured lenders, such as JPMorgan Chase & Co., with a total of $262 million in claims against Dewey.
Dewey became the largest law firm in the U.S. to file for bankruptcy. The plan was a result from the compensation guaranteed by its leaders to many partners.
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