Twenty-six former high-level figures at LeClairRyan, including firm founder Gary LeClair, CEO Eric Gustafson and former general counsel Lori Thompson, have reached an agreement with their insurer and the bankruptcy trustee for the defunct firm to settle a set of pending claims against them for $10 million.
Trustee Lynn L. Tavenner, the 26 defendants, and Columbia Casualty, which issued the firm’s management liability policy, participated in an all-day settlement conference Nov. 16 in which Columbia agreed to pay the trustee $9.425 million to resolve claims including conspiracy, breach of fiduciary duty, and trade secrets against the defendants, and an additional $575,000 to satisfy claim expenses. Together, this sum equals the $10 million liability limit on the Columbia policy.
