Former Dewey chairman owes Citibank $400K, judge finds
A judge in New York has awarded Citibank nearly $400,000 in its suit to recover an unpaid loan from former Dewey & LeBoeuf chairman Steven Davis.
Judge Nancy Bannon found last week that Citibank is owed $360,000 for the loan principal plus about $39,000 in interest, the New York Law Journal (sub. req.) reports. Davis’ lawyer has said the loan was for Davis’ capital contribution to the law firm.
Davis did not file any papers in response to the suit, according to the article. He has been living in London.
Prosecutors had accused Davis of misleading lenders and bond buyers about the finances of Dewey & LeBoeuf before its collapse. The case ended with an acquittal on some counts and a mistrial on others. Prosecutors later agreed to drop charges if Davis completes a deferred prosecution agreement that requires him to refrain from practicing law in New York for five years.
