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Reed Smith The complaint alleges that while representing the two feeder hedge funds, Reed Smith missed a key deadline for bringing a potentially lucrative lawsuit against Standard & Poors, Moody’s and Fitch Ratings. (Photo: Diego M. Radzinschi/ALM)

Liquidators for a pair of defunct Bear Stearns investment funds sued Reed Smith on Tuesday alleging malpractice, seeking $500 million in damages and saying the law firm muffed a financial crisis era lawsuit against the major credit rating agencies.

The two Cayman Islands-based funds — which raised and fed capital to so-called master funds at Bear Stearns that, in turn, invested heavily in shoddy residential mortgage backed securities (RMBS) and collateralized debt obligations — tapped lawyers at Reid Collins & Tsai to file suit against Reed Smith in Manhattan state court.

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