A group of investors in a now-bankrupt entity that controls about 500 real estate companies has filed a class action against K&L Gates and Thompson & Knight for allegedly aiding in a “Ponzi-like” scheme.

The purported class, which consists of investors in assisted living centers and other properties, alleges that the two law firms participated in misleading them into investing in the companies, which unlawfully commingled funds among underperforming entities.

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