A proposed $90.4m (£57.5m) settlement with former Dewey & LeBoeuf partners designed to raise much-needed cash for the bankrupt firm’s creditors is set to move forward, according to an email sent to partners Thursday (16 August) afternoon and obtained by The Am Law Daily.
Dewey’s chief restructuring officer Joff Mitchell of Zolfo Cooper, wrote in the two-sentence email: “I am pleased to advise that, as of 2.45pm today, we have received signed settlement agreements with commitments for over $50m (£31.8m) from former Dewey partners. The threshold for us to take the partner contribution plan to the creditors and the Bankruptcy Court for approval has now been crossed.”
