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A mega law firm has been hit with a negligence claims of more than $3 billion by the liquidators of a major insurance company.
UK law firm Dewey & LeBoeuf has been hit with a negligence claims of more than $3 billion by the liquidators of a major insurance company.
According to reports, LeBoeuf, Lamb, Leiby & MacRae, the predecessor of the current firm, acted for General American Life Insurance when it was sold to MetLife about 10 years ago.
But the liquidators now claim the firm failed to make clear the purchaser was also one of its clients. It now claims that General American was done over to the tune of US$300- $700 million ($380 - $887 million), American Lawyer reports.
With punitive damages, the bill now comes to about US$3 billion. But the law firm "categorically rejects the unfounded allegations in the complaint", which "makes profoundly erroneous misstatements of fact and is a little more than a misguided attempt by a liquidator to attract media attention", RollonFriday reports.
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