A Wachovia Bank executive testified Wednesday about his bank’s deteriorating relationship with Dewey & LeBoeuf as the ill-fated firm was buffeted by the financial crisis and unrealistic compensation demands by its legacy partners.
The witness, Robert Tolan, is the sixth Dewey & LeBoeuf banker to testify in the criminal trial of former firm chair Steven Davis, former executive director Stephen DiCarmine and ex-CFO Joel Sanders. State prosecutors in Manhattan have charged the trio with deceiving bank lenders and investors about Dewey & LeBoeuf’s precarious finances ahead of the firm’s collapse in 2012.
