Judge OKs $19.5 million Dewey mismanagement deal

Former firm chairman Steven Davis will pay $511,145 of the total, with the rest coming from the firm’s insurer

Former Dewey & LeBoeuf Chairman Steven Davis is off the hook for mismanagement claims brought by the storied firm’s estate in connection with its May 2012 bankruptcy.

A federal judge on Thursday approved a settlement in which Davis and Dewey’s insurance company, XL Specialty Insurance, will pay a combined $19.5 million to settle claims that Davis mismanaged the law firm into bankruptcy. The lion’s share of the settlement will come from the insurer, with Davis on the hook for only $511,145.

Alanna Byrne

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