Grant Thornton Settles Refco Litigation For $25M

Law360, New York (October 19, 2010, 11:42 AM EDT) -- Grant Thornton LLP has reached a $25 million settlement in a class action that accuses the auditing firm of helping Refco Inc. artificially inflate its stock through false statements, nondisclosures and fraudulent conduct prior to the failed brokerage's 2005 initial public offering.

According to a motion for preliminary approval of the settlement filed Monday in the U.S. District Court for the Southern District of New York, three former Refco executives, William M. Sexton, Dennis A. Klejna and Joseph J. Murphy, also agreed Sept. 30 to a...
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