Deal for creditors to bring 9.25M

Arter & amp; Hadden owed millions of dollars in pension obligations and other debts when it closed in 2003.
CLEVELAND (AP) -- A bankruptcy trustee said Tuesday a settlement involving some of the partners of a former Cleveland-based law firm will result in 9.25 million for creditors.
The settlement with more than 70 former partners and insurers of the defunct law firm Arter & amp; Hadden still requires bankruptcy court approval. The defendants in the case deny any wrongdoing, said Marc Gertz, the case trustee.
The settlement is in addition to deals reached with more than 50 other former partners previously totaling over 1 million, and does not include claims against approximately 66 additional partners who are not part of any settlement agreement.
Closing
Arter & amp; Hadden closed on July 15, 2003, owing millions of dollars in pension obligations and other debts. Gertz was appointed as trustee in January 2004.
He conducted an 18-month investigation and alleged in court documents that certain year-end payments to the partners and other financial matters were improper.
The law firm, once a regional company with 70 lawyers, expanded in the 1990s and grew to 12 offices, 465 lawyers and 178 partners in Ohio, Texas, California and Washington, D.C.
More than 5 million in fees that had been owed to Arter & amp; Hadden when it closed have been collected, and three banks which were secured creditors have been paid, said Irving Sugerman, a law partner of the trustee.
The settlement proceeds will be used, along with other funds collected, to pay creditors a portion of the debt that is owed to them, but a final percentage is not yet determined, Sugerman said.