Legal News

Dewey & LeBoeuf Wants $100,000 a Day — Judge Says “No”
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Judge Denny ChinA federal judge, citing excessive hours and unreasonably high rates, ordered a 20% reduction in fees for a law firm helping to protect the assets of investment company WexTrust Capital.

Given a long-established principle that lawyers working in receivership situations should be awarded moderate fees, “the request for fees of $2,147,666 for 20 days of work is excessive,” said US District Judge Denny Chin in Manhattan.

Lawyers, paralegals and staff at New York’s Dewey & LeBoeuf logged over 5,500 hours on the WexTrust case, or more than 275 hours a day.

  
What
Where


Chin determined that the law firm should receive $1.7 million for the work performed between August 11th and 31st. Dewey & LeBoeuf may apply for the difference between what it sought and what he awarded when the final distribution of WexTrust assets is made.

The law firm’s request was part of a joint application for compensation by Timothy Coleman, the court-appointed receiver for WexTrust and a partner at Dewey & LeBoeuf.

Chin approved the full amount of Coleman’s request for $57,300 in receiver’s fees. Coleman’s hourly rate had been cut to $250 specifically for the WexTrust case, from his standard rate of $850 to $950. The judge also approved a request of $66,640 in fees for the accounting and advisory firm Deloitte Financial Advisory Services.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Chicago-based WexTrust and two of its owners, Joseph Shereshevsky and Steven Byers, were charged by the SEC with defrauding investors by diverting $100 million of funds to unauthorized uses. Afterward, the court froze the defendants’ assets and appointed Coleman as WexTrust’s receiver.

Via PilotOnline.





 

RELEVANT JOBS

Paralegal / Office Assistant

USA-NY-Briarcliff Manor

We are seeking a Paralegal / Office Assistant to become a part of our team! You will provide overall...

Apply now

Insurance Defense / Transportation / Personal Injury Attorney

USA-TX-Dallas

We are looking for motivated candidates with at least 7 years of experience in insurance defense. Th...

Apply now

Construction Defect / Construction Litigation / Insurance Defense Attorney

USA-TX-Dallas

Construction Defense Attorney. We want motivated candidates with 8+ years of experience to handle...

Apply now

Trusts & Estates Attorney

USA-ME-Bangor

                            &#...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Venture Capital Attorney

USA-CA-San Diego

San Diego office of a BCG Attorney Search Top Ranked Law Firm seeks corporate business attorney with...

Apply Now

Real Estate Attorney

USA-CA-San Diego

San Diego office of a BCG Attorney Search Top Ranked Law Firm seeks transactional real estate attorn...

Apply Now

Experienced Health Care Attorney

USA-ME-Portland

Portland office of a BCG Attorney Search Top Ranked Law Firm is seeking health care attorney with 5-...

Apply Now

SEARCH IN ARCHIVE

To Top