Greenberg, Quarles To Pay Ponzi Investors $88M In Settlements

By Lana Birbrair (June 20, 2012, 10:10 PM EDT) -- Greenberg Traurig LLP agreed to pay $61 million Wednesday to settle claims that it aided an alleged Ponzi scheme that bankrupted two companies and led to $900 million in losses when the real estate bubble popped, while a $26.5 million settlement with Quarles & Brady LLP earned preliminary approval.

Two certified classes of plaintiffs who bought into mortgage lender Mortgages Ltd., which was represented by Greenberg, and securities dealer Radical Bunny LLC, which was represented by Quarles & Brady, asked U.S. District Judge Frederick J. Martone to approve a settlement ending all claims between the plaintiffs and Greenberg in a $61...

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