Chapter Regulation
LeClairRyan trustee settles with final president of legislation agency
Picture illustration by Brenan Sharp/ABA Journal.
LeClairRyan’s chapter trustee has reached a settlement with the defunct legislation agency’s final president and 4 legal professionals serving on its board in 2019.
Particulars of the settlement weren’t disclosed, Law360 reviews.
Trustee Lynn Tavenner had sought to claw again $2.37 million from these legal professionals, together with $419,000 from the agency’s final president, Elizabeth Acee, in line with Law360. Tavenner stated the cash was paid out after LeClairRyan turned bancrupt in 2014 and earlier than its chapter submitting in September 2019.
Tavenner had claimed that the board was conscious of the agency’s precarious monetary place however took actions that favored members’ pursuits or the pursuits of explicit stakeholders.
Tavenner beforehand reached settlements with at the least six different LeClariRyan leaders. She additionally settled with the agency’s major insurer for practically $9.5 million and with different authorized providers supplier UnitedLex for $21 million, the Law360 article reviews.
Tavenner argued that UnitedLex entered right into a three way partnership with LeClairRyan that prioritized the three way partnership’s monetary achieve over that of LeClairRyan’s collectors.
See additionally:
ABAJournal.com: “LeClairRyan chapter trustee targets agency co-founder, compares agency to film ‘Weekend at Bernie’s’”
ABAJournal.com: “LeClairRyan trustee agrees to $21M settlement with firm accused of contributing to losses”
ABAJournal.com: “LeClairRyan gave three way partnership ‘unprecedented management’ and precedence funds, chapter trustee says”
ABAJournal.com: “Ex-LeClairRyan normal counsel will get jail time, whereas agency insurer agrees to pay $10M to chapter trustee”