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Fortress Investment Sues Law Firm Dechert Over Opinion Letter Endorsing Marc Dreier, Ponzi Scheme
By Amarendra Bhushan for CEOWORLD Magazine Updated:December 22, 2009
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Private-investment firm Fortress Investment Group LLC (FIG, News, Press Releases: 4.28 -0.08 -1.83%, yield: N/A, cap: 624.2M, 1yr target: 6.00) sued law firm Dechert LLP over opinion letter endorsing a transaction that convicted attorney Marc Dreier used to defraud Fortress, $700 million Ponzi scheme.
The letter led Fortress to loan $50 million last year to what it believed was the firm of Sheldon Solow, a New York developer who was a client of Dreier’s firm, Dreier LLP, according to a complaint filed yesterday in New York state court.
Dreier is serving 20 years in prison for defrauding hedge funds of more than $400 million. He admitted selling phony notes, including some purportedly issued by Solow’s firm. Dreier’s firm, which had 250 attorneys, filed for bankruptcy and is being liquidated, Bloomberg reported.
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