A federal agency tasked with protecting the nation’s pensions has succeeded in taking over three retirement plans run by bankrupt Dewey & LeBoeuf that are underfunded by an estimated $80 million.
The Pension Benefit Guaranty Corporation sued Dewey exactly one month ago, seeking to terminate the plans—which cover a total of 1,800 employees from legacy firms LeBoeuf, Lamb, Greene & MacRae and Dewey Ballantine, as well as from the combined entity produced by the 2007 merger of those two firms—as of May 11 and to place them under PBGC control. The agency guarantees benefits of $56,000 a year for retirees once they turn 65.
