Mayer Brown Agrees to Settle with GWG Trustee for $30 Million

Mayer Brown LLP said it will pay $30 million to settle claims by a trustee over work the firm did representing secondary life insurance bond seller GWG Holdings Inc.

The proposed settlement resolves claims accusing the Big Law firm of conflicts of interest, aiding and abetting breaches of fiduciary duty, and failing to provide proper legal advice, according to a settlement motion filed Tuesday in the US Bankruptcy Court for the Southern District of Texas. The trustee is tasked with pursuing litigation on behalf of creditors following GWG’s bankruptcy.

“While the Litigation Trustee recognizes that it is possible that he ...