Breaking Legal News & Current Law Headlines | Daily Legal Briefing
  • Home
  • Hot Topics
  • Breaking
  • Business
  • Big Law
  • Small Law
  • Law School
  • Legal Tech
No Result
View All Result
No Result
View All Result
Breaking Legal News & Current Law Headlines | Daily Legal Briefing
No Result
View All Result
Home Breaking

Judge OKs $10 mln settlement involving former LeClairRyan shareholders

Daily Legal Briefing by Daily Legal Briefing
November 30, 2021
in Breaking
0
Judge OKs $10 mln settlement involving former LeClairRyan shareholders
4
SHARES
32
VIEWS
Share on FacebookShare on Twitter


  • Summary
  • Law firms
  • Related documents

  • Deal resolves some of Chapter 7 trustee’s claims stemming from firm’s collapse
  • Settlement keeps UnitedLex lawsuit intact

The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.

(Reuters) – A bankruptcy judge in Richmond, Virginia, on Monday approved a$10 million settlement between a trustee overseeing the dissolution of LeClairRyan and an insurer covering claims against 26 former shareholders of the defunct law firm.

The settlement with Columbia Casualty Co resolves some of the civil claims Chapter 7 trustee Lynn Tavenner has leveled against the former shareholders, including firm co-founder Gary LeClair, former CEO Erik Gustafson, and former general counsel Lori Thompson.

The deal includes $9.475 million to satisfy the trustee’s claims that the shareholders improperly received money from the law firm when it was insolvent, plus $525,000 in expenses.

Register now for FREE unlimited access to reuters.com

The ex-shareholders made no admission of liability on any of the covered claims under the settlement. Columbia Casualty had issued a management liability policy to LeClairRyan prior to its 2019 collapse.

“I commend you on reaching a comprehensive and good agreement to satisfy these various claims,” U.S. Bankruptcy Judge Kevin Huennekens said at a Monday hearing.

Despite the approval of the settlement, the trustee’s work isn’t done, said Erika Morabito, a Quinn Emanuel Urquhart & Sullivan partner representing Tavenner. The settlement resolves certain allegations, including breach of fiduciary duty and trade secrets claims. It doesn’t address other claims Tavenner has made, such as unjust enrichment or conversion.

Huennekens said he hopes other claims “can be satisfied in a similar fashion.”

The settlement also doesn’t affect Tavenner’s ongoing litigation with alternative legal services provider UnitedLex, Morabito said. UnitedLex and LeClairRyan struck a deal in 2018 that Tavenner has claimed added more debt to LeClairRyan and improperly ceded control over its operations and intellectual property to UnitedLex.

Tavenner added LeClair to the UnitedLex lawsuit in August, alleging he enriched himself prior to the firm’s 2019 collapse. LeClair has blasted the claims as defying “human nature and logic.”

LeClair’s attorneys declined to comment on the settlement.

Read more:

UnitedLex, LeClairRyan must face trustee’s lawsuit

LeClairRyan founder blasts claims he helped tank law firm

LeClairRyan trustee targets firm co-founder in UnitedLex lawsuit

Register now for FREE unlimited access to reuters.com

David Thomas

David Thomas reports on the business of law, including law firm strategy, hiring, mergers and litigation. He is based out of Chicago. He can be reached at d.thomas@thomsonreuters.com and on Twitter @DaveThomas5150.



Click to Read Original Article

Previous Post

Court halts San Diego schools’ vax mandate while it hears appeal

Next Post

McDonald’s need not give investors more records on CEO scandal: judge

Daily Legal Briefing

Daily Legal Briefing

Related Posts

More U.S. colleges turn to law schools to find their next president
Breaking

More U.S. colleges turn to law schools to find their next president

by Daily Legal Briefing
December 8, 2021
NLRB considering overhaul of test for approving smaller unions
Breaking

NLRB considering overhaul of test for approving smaller unions

by Daily Legal Briefing
December 8, 2021
Cravath plays bonus catch-up as larger law firm payouts spread
Breaking

Cravath plays bonus catch-up as larger law firm payouts spread

by Daily Legal Briefing
December 8, 2021
Mass tort TV ads in serious slump as pandemic drags on
Breaking

Mass tort TV ads in serious slump as pandemic drags on

by Daily Legal Briefing
December 8, 2021
Prosecutors call ex-boyfriend of Ghislaine Maxwell accuser to testify at trial
Breaking

Prosecutors call ex-boyfriend of Ghislaine Maxwell accuser to testify at trial

by Daily Legal Briefing
December 8, 2021
Next Post
McDonald’s need not give investors more records on CEO scandal: judge

McDonald's need not give investors more records on CEO scandal: judge

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Premium Content

Potential Supreme Court nominee Kruger is described as a moderately liberal justice on California’s top court

Judge on SCOTUS short list faces scrutiny for her stance for US in religious rights case

February 11, 2022
After Text Calling Maternity Leave ‘Sitting On Your Ass,’ Law Firm Looks To Sit On Its Ass In Response

After Text Calling Maternity Leave ‘Sitting On Your Ass,’ Law Firm Looks To Sit On Its Ass In Response

January 11, 2023
Sotomayor and Gorsuch dissent in SCOTUS decision blocking information about secret CIA jail

Sotomayor and Gorsuch dissent in SCOTUS decision blocking information about secret CIA jail

March 8, 2022

Browse by Category

  • Big Law
  • Breaking
  • Business
  • Hot Topics
  • Law School
  • Legal Tech
  • Small Law

About US

Breaking Legal News & Current Law Headlines | Daily Legal Briefing.
Online coverage of breaking legal news and current law headlines from around the US. Top stories, videos, insight, and in-depth analysis.

Categories

  • Big Law
  • Breaking
  • Business
  • Hot Topics
  • Law School
  • Legal Tech
  • Small Law

Recent Updates

  • A Guide for Personal Injury Lawyers
  • How To Simplify Crafting Responsible AI Policies
  • Facebook Isn’t Just For Your Parents – This Biglaw Firm Is Thriving On The Platform

© 2021 Daily Legal Briefing | Breaking Legal News & Current Law Headlines

No Result
View All Result
  • Contact Us
  • Home

© 2021 Daily Legal Briefing | Breaking Legal News & Current Law Headlines

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?