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Fair Field, Ira Rennert’s estate in the Hamptons.

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.

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Scott Flaherty

Scott Flaherty, based in New York, covers the business of law with a focus on legal ethics, lawyer misconduct, conflicts-of-interest and litigation involving law firms. He can be reached at sflaherty@alm.com. On Twitter: @sflaherty18

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