NY's Dewey & LeBoeuf law firm files for bankruptcy

AP News
Posted: May 29, 2012 10:37 AM
NY's Dewey & LeBoeuf law firm files for bankruptcy

In one of the largest law firm failures in U.S. history, embattled New York firm Dewey & LeBoeuf LLP has filed for bankruptcy, a move that will be followed by liquidation.

The debt-laden firm filed the papers in federal court in Manhattan Monday night.

It says it will keep about 90 employees to assist in the wind-down. It expects most of the process to be completed in the next few months.

In the meantime, it says it will operate on a budget and timetable to be determined by the court.

The Wall Street Journal ( http://on.wsj.com/MUkvch) says the Manhattan district attorney's office had launched a criminal investigation into activities at the firm. Regulators have sued to take over its pension plans, which they say are underfunded by $80 million.