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Telecommunications company 360 Networks and a representative of its creditors have settled their claims against the estate of defunct law firm Dreier LLP, whose founder, Marc S. Dreier, pleaded guilty in 2009 to running a massive Ponzi scheme. 360 Networks had retained Dreier LLP as its counsel while it was in bankruptcy. Part of the firm’s role was to hold money recovered from preference actions in escrow. After Mr. Dreier’s arrest, it was revealed that no money was held in escrow. The newly reorganized 360 Networks filed a claim against Dreier LLP’s estate for the amount that should have been in its account—more than $38 million. A court-appointed representative of 360 Networks’ creditors filed a claim for over $85 million.

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