Case Summary: 12-cv-00603
This is a case about how the managing partners of one of the largest law firms in the United States, Dewey & LeBoeuf, allegedly caused the financial failure of the law firm and fraudulently misrepresented its financial condition to others thereby leading to economic and/or professional damage to hundreds of individuals and entities.
Plaintiff Aviva Life and Annuity Company (“Aviva”) is an insurance company with its principal place of business in Des Moines, Iowa. Aviva purchased $35 million in face amount of secured notes issued by Dewey & Leboeuf (“Dewey”), a New York law firm, in 2010.
Defendant Steven H. Davis (“Davis”) was the Chairman of the Board of Dewey from approximately 2007 (when the law firm LeBoeuf, Lamb, Green & McRae merged with Dewey Ballantine) to 2012. Defendant Stephen DiCarmine (“DiCarmine”) was the Executive Director of Dewey from 2007 until 2012. Defendant Joel Sanders (“Sanders”) was at all times herein mentioned the Chief Financial Officer of Dewey.
The Defendants were Dewey’s most senior management and allegedly controlled Dewey’s financial operations and management, including reporting revenues and profits, preparing financial information, such as the materials associated with the Note Offering, and extending Compensation Guarantees. Allegedly, Defendants knew Dewey was having severe financial problems and recklessly or intentionally concealed this information from the public, auditors, partners at Dewey, and the Aviva Plaintiffs. Also, allegedly, the Defendants reaped large multi-million dollar salaries incommensurate with Dewey’s financial performance.
The video is of a hearing on Motions filed by Defendants to move the case to the Bankruptcy Court in New York where the bankruptcy proceeding of Dewey LeBoeuf is proceeding.
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