A group of more than 25 former LeClairRyan partners have reached a partial settlement valued at nearly $10 million with the bankruptcy trustee overseeing the dissolution of the now defunct law firm in its Chapter 7 case.
If approved, the settlement will see a management liability insurance policy pay $9.475 million to the LeClairRyan estate in exchange for dismissing some of the claims brought by the trustee, according to a court filing. The settlement also caps legal expenses to be paid by the estate at $525,000, a valuable provision considering the number of defendants in the case.
The firm’s ...
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