Attorneys representing former Dewey & LeBoeuf chief financial officer Joel Sanders and executive director Stephen DiCarmine filed a limited objection to a settlement reached last week that would protect former Dewey chairman Steven Davis from most future claims stemming from his alleged mismanagement of the now-defunct firm.
The settlement’s terms call for Davis to pay the Dewey estate $511,145, and for the firm’s insurer, XL Specialty Insurance Company, to contribute $19 million to the fund bound for creditors. If approved by the court, the deal would give Davis the same protections against Dewey-related liability enjoyed by former firm partners who have agreed to participate in a $71.5 million partner contribution plan and would also preclude the estate from suing any former Dewey leaders, including Davis, DiCarmine, and Sanders.
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