Greenberg Traurig and Quarles & Brady have agreed to fork over a combined $87.5 million to resolve claims that they failed to put the brakes on a $900 million Ponzi scheme carried out by two mortgage-industry clients.
Greenberg agreed to pay $61 million to settle a class action brought in federal court in Phoenix by investors in mortgage lender Mortgages Ltd. and securities dealer Radical Bunny LLC. The plaintiffs filed settlement papers June 20 with U.S. District Judge Frederick Martone the same day the judge preliminarily approved a $26.5 million class settlement with Quarles & Brady.
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