The Pension Benefit Guaranty Corporation is taking over for three pension plans sponsored by Dewey & LeBoeuf LLP, a New York City-based law firm. The plans cover about 1,800 people and are underfunded by more than $80 million.

PBGC will step in and pay the shortfall, up to the limits set by law, and the three plans will end as of May 11, 2012.

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