Financial Regulatory Forum

Dewey & LeBoeuf collapse highlights importance to clients of safeguarding records

By Guest Contributor
June 1, 2012

By Martin Coyle and Julie DiMauro

NEW YORK/LONDON, June 1 (Thomson Reuters Accelus) – The collapse of U.S. law firm Dewey & LeBoeuf underscores the importance to financial companies of gaining access to their legal records, ensuring continuity of advice, and safeguarding privileged information, according to regulatory lawyers and experts. Dewey, once one of the largest U.S. law firms with deep ties to Wall Street, filed for Chapter 11 bankruptcy protection earlier this week after failing to find a willing merger partner, and its UK unit was placed under administration. The former legal giant was saddled with $100 million debts, a criminal investigation and the departure of senior staff. It is likely to be liquidated. The failure is the biggest in the history of U.S. law firms. (more…)

Special bankruptcy court for banks mulled in U.S. Senate

By Reuters Staff
January 12, 2010

By Rachelle Younglai

WASHINGTON, Jan 11 (Reuters) – Key U.S. senators are considering the creation of a special bankruptcy court for troubled financial services firms, a person familiar with the plans said on Monday.