Bear Stearns, Reed Smith Settle $500M Malpractice Suit

Law360 (October 11, 2019, 11:34 PM EDT) -- Two now-defunct Bear Stearns investment funds have agreed to end a malpractice suit in New York court accusing Reed Smith LLP of bungling its representation of the funds to the tune of half a billion dollars during a suit against ratings agencies.

The funds and the law firm jointly filed a stipulation to discontinue the case on Wednesday, and a Reed Smith spokesperson told Law360 on Friday that the two sides had hammered out a deal to end the legal fight.

“The parties have reached a mutually acceptable resolution of their dispute and respective claims,” the spokesperson said.

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