In a rare instance of law firms compensating investors burned in the mortgage meltdown, Greenberg Traurig and Quarles & Brady moved closer on Wednesday to settling a class action over a $900 million Ponzi scheme.
Greenberg, accused of assisting the fraud by advising now-defunct lender Mortgages Ltd, agreed to settle charges for $61 million. Quarles & Brady, which advised Radical Bunny, an investment firm that funded Mortgages, received preliminary approval of a $26.5 million accord from U.S. District Judge Frederick Martone in Phoenix.
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