Law Firm Representing Baptist Foundation of Arizona to Pay $21M

A law firm that represented the Baptist Foundation of Arizona has agreed to pay the foundation's bankruptcy trust $21 million. The payment would settle claims that Phoenix-based Jennings, Strouss & Salmon failed to notice signs of fraud that led to the foundation's collapse, the largest nonprofit bankruptcy in U.S. history. On May 6, Arthur Andersen agreed to a $217 million settlement with the trust, investors and the state.

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