The deadline for former Dewey & LeBoeuf partners to sign on to a proposed $90.4 million settlement—which, if passed, will be the quickest such settlement ever reached in a major law firm bankruptcy—has been pushed back until August 13, according to a lawyer familiar with the news.
This is the second time the plan’s deadline has been delayed. Presented to partners on July 11, the settlement originally came with a July 24 deadline, but Dewey advisers extended it until Tuesday after presenting a revised plan on July 26 in response to widespread criticism that the initial proposal didn’t do enough to penalize former firm leaders.
