Milwaukee-based Quarles & Brady will pay $26.5 million and Greenberg Traurig will pay $61 million to settle a lawsuit against the two firms that accused them of assisting in an Arizona Ponzi scheme that cost investors $900 million, according to a Reuters report, BizTimes.com reported yesterday. Quarles & Brady's settlement received preliminary approval from U.S. District Judge Frederick Martone. The settlements, disclosed in papers filed in U.S. District Court in Phoenix, would end class action lawsuits that arose out of the alleged fraud and failure of Mortgages Ltd. Greenberg Traurig had advised the Arizona-based lender prior to its 2008 bankruptcy filing, while Quarles & Brady was counsel to Radical Bunny LLC, which helped finance Mortgages Ltd.
