Fortress sues Dechert over Dreier Ponzi scheme loss
December 23, 2009
New York-based private equity firm Fortress Investment Group LLC is suing law firm Dechert LLP alleging that the law firm issued a "false" legal opinion letter, which was used by Marc Dreier to defraud Fortress.
Marc Dreier, founder of 250-lawyers firm Dreier LLP, was sentenced to 20 years in prison in July 2009 in connection with a $700 million Ponzi scheme. Fortress says it lost $125 million.