Dewey & LeBoeuf Criminal Trial Has Begun

It is a rare event when the top managers of a major, venerable U.S. law firm are being criminally prosecuted for fraud.  So those of you who plan on teaching Chapter 6, Part II (Duties to Third Parties and to the Law) may want to take advantage of the ongoing trial involving top executives of the law firm of Dewey & Leboeuf, which collapsed in bankruptcy in May 2012.   The trial is expected to last (by some accounts) until Labor Day.

Opening statements began on May 26, 2015 in the New York Supreme Court before Justice Robert M. Stolz. The defendants, former chairman Steven Davis, executive director Stephen DiCarmine, and chief financial officer Joel Sanders were charged with concealing Dewey & LeBoeuf’s failing financial situation from lenders and creditors, including insurers that invested in a debt offering to raise about $150 mililion.

Natasha Lydon from Above the Law is reporting on the trial.  Her recent post about the opening statements can be found here.

For background on the case, The New York Times has a fairly informative article here.

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