In the morass of litigation generated by the subprime crisis, few suits have targeted law firms over their roles advising companies that fueled the mortgage bubble.
But a big exception-an investor class action against Greenberg Traurig and Quarles & Brady-is barreling along in Phoenix federal district court. On Tuesday Judge Frederick Martone certified two classes of investors in the case, which targets the two firms over their roles in an alleged Ponzi scheme run by real estate lender Mortgages Ltd. The investors claim they suffered $900 million in losses as a result of the alleged fraud.
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