Former Brobeck, Phleger & Harrison Chairman Tower Snow Jr. has agreed to settle claims brought against him by a bankruptcy trustee in the 2003 implosion of the now infamous law firm.
But he probably paid far less than the trustee’s initial demand of $2.7 million. Back-of-the-envelope calculations suggest it was below $400,000 — putting it below the amounts paid by three other former partners. On average, the settlement demand presented to former partners was about 16 percent of the initial demand. And according to court documents filed by the trustee, Snow was given a “discount,” in part because of two court rulings that followed the initial round of partner settlements.
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