Davis Wright Tremaine has agreed to a global settlement in litigation against the firm related to the collapse of Sunwest Management, an Oregon-based provider of senior living centers. The reported settlement amount: $30 million, one of the largest malpractice settlements by a law firm in the Pacific Northwest.
The litigation was filed earlier this year by Sunwest investors and a receiver for the company — once valued at $2 billion — after a series of scandals pushed Sunwest to the brink of bankruptcy. SEC charges of securities fraud at Sunwest likened the company’s finances to that of a Ponzi scheme. Aggrieved investors sued three of the company’s outside law firms: Davis Wright, K&L Gates and Thompson & Knight.
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