Dewey Officially Terminates Employee Pensions
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

On Wednesday, Dewey & LeBoeuf officially agreed to allow the U.S. Pension Benefit Guaranty Corporation to step in as trustee, thus terminating its employee pensions. U.S. District Judge Jesse Furman signed the consent order terminating all three employee pension funds which covered 1,800 former Dewey employees. The order made PBGC the trustee of the pension funds, thus providing the agency the power to pursue claims for the $80 million by which the funds had been underfunded by Dewey.

Wednesday’s consent order makes PBGC the largest unsecured creditor of Dewey. The agency would now assume responsibilities for paying benefits to the retirees of Dewey. The order made PBGC assume liabilities associated with the funds including the lack of $80 million that should have been deposited by Dewey. PBGC would be pursuing its claims in the bankruptcy proceedings. According to the Chapter 11 proceedings filed by Dewey, the law firm listed $193.2 million in assets and $245.4 million in liabilities. PBGC said that it moved to seize the plans to secure its ability “to collect against the firm’s affiliates that share funding responsibility for the pension plans.” Such affiliates also include overseas offices that Dewey sold to other firms.

Records of the U.S. Bankruptcy Court in Manhattan showed that the PBGC had received $2 million from the May 11 sale of Dewey’s Warsaw office and another $1.5 million from the sale of Dewey’s offices in Russia and Kazakhstan.


At least former employees of Dewey are now more certain of the future of their retirement benefits.

The case is Pension Benefit Guaranty Corporation v. Dewey & LeBoeuf LLP, U.S. District Court of the Southern District of New York, No 12-cv-03833

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!!



Paralegal / legal assistant


Law firm seeks full time paralegal or legal assistant.  Experience in land use and real estate ...

Apply now


USA-NY-New York City

    TITLE:            &#...

Apply now

Associate Attorney


Qualification Requirements: Candidate must possess the requisite knowledge, skills and capability...

Apply now

Patent Paralegal


Boutique patent firm seeks experienced patent paralegal to support a small group of attorneys. This ...

Apply now




Search Now

Commercial Litigation Associate Attorney


Boston office of a BCG Attorney Search Top Ranked Law Firm seeks a commercial litigation associate a...

Apply Now

Foreclosure Attorney


Atlanta office of a BCG Attorney Search Top Ranked Law Firm seeks foreclosure attorney with experien...

Apply Now

Foreclosure Attorney


Memphis office of a BCG Attorney Search Top Ranked Law Firm seeks foreclosure attorney with experien...

Apply Now


To Top