Billionaire Ira Rennert’s investment company and Arnold & Porter Kaye Scholer have quietly reached a preliminary agreement to resolve a $214 million malpractice action brought against the firm over its work for a Rennert-owned business, according to court records.

The parties in the malpractice case—Rennert’s The Renco Group Inc. on one side and the law firm and former Kaye Scholer partner Peter Haveles Jr. (now a partner at Pepper Hamilton) on the other—had been scheduled to meet Tuesday for an initial conference with New York Supreme Court Justice O. Peter Sherwood. But a week before that conference, Haveles’ defense lawyer wrote to Sherwood, who presides over the suit at the state trial court, to ask for a postponement until late in July.

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