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3 ex-leaders of major NYC law firm charged with fraud in its 2012 collapse

Three former leaders of a once-potent New York law firm are facing fraud charges stemming from its collapse.

Manhattan District Attorney Cyrus R. Vance unveiled the criminal case Thursday in what was the nation's biggest law firm bankruptcy.

The defendants are former Dewey & LeBouef (luh-BUHF') LLP chairman Steven Davis, former chief executive Stephen DiCarmine and former chief financial officer Joel Sanders. They are awaiting arraignment.

The men's lawyers say their clients committed no crimes and worked hard to try to save the firm after the 2008 financial crisis.

Vance says the three conspired to cook the firm's books from 2008 until its 2012 implosion. Vance says they misled auditors and even their own partners.

Vance says seven ex-Dewey employees have pleaded guilty.

Dewey once employed 3,000 people worldwide.

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