A US federal agency tasked with protecting the nation’s pensions has succeeded in taking over three Dewey & LeBoeuf retirement plans that are underfunded by an estimated $80m (£51m), reports The Am Law Daily.
The Pension Benefit Guaranty Corporation (PBGC) sued Dewey 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 11 May and to place them under PBGC control.
