The two sides of a $214 million malpractice lawsuit brought by billionaire Ira Rennert’s investment company against Arnold & Porter Kaye Scholer have formally moved to dismiss the case from New York state court after reaching a preliminary settlement last month.

The law firm and The Renco Group Inc., an investment business controlled by Rennert, filed a stipulation of discontinuance on Monday, looking to officially end their dispute. The stipulated end of the case follows a letter in June to the judge in which a lawyer for one of the parties said an agreement in principle had been reached on a potential settlement.

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