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NY’s Dewey & LeBoeuf law firm files for bankruptcy

NEW YORK (AP) – 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.

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