A pair of Bear Stearns-affiliated hedge funds that collapsed in 2008 and sued Reed Smith for taking too long to go after a group of credit-ratings agencies have settled their $500 million legal malpractice case against the law firm.

A representative for Reed Smith said in a statement Friday that “the parties have reached a mutually-acceptable resolution of their dispute and respective claims.” Attorneys for the plaintiffs didn’t immediately respond to comment requests.

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