Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, July 11, 2007

Refco Examiner Says Accountants, Law Firm Were Negligent

The examiner appointed to investigate the collapse of commodities firm Refco in 2005 has issued his report and says that the accounting firms of Grant Thornton and Ernst & Young, as well as the law firm of Mayer, Brown, should be sued for professional negligence.  Refco's collapse allegedly resulted from the fraud of its CEO.  See WSJ, Refco Bankruptcy Examiner Names Firms Likely to Face Lawsuits.

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