Back when the mega Ponzi schemes of 2008 broke, we were told that law firms everywhere should brace themselves for lawsuits questioning their diligence in advising clients interested in making investments with the Madoffs and the Dreiers of the world. For the most part, the wave of lawsuits against law firms hasn’t materialized.
But today brings us news of the first major one: Fortress Investment Group, the huge private equity fund, has sued Dechert, claiming the firm’s lack of diligence in sniffing out Marc Dreier’s fraud cost Fortress $125 million, according to The Wall Street Journal, which broke the story late Monday.
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