Grant Thornton Can't Shake Suit Over $34M Koss Fraud

Law360, New York (July 6, 2012, 5:53 PM EDT) -- Grant Thornton LLP must face claims that its auditors failed to catch an imprisoned former Koss Corp. executive's $34 million embezzlement, an Illinois appeals court ruled Friday, reversing a lower court’s finding that the case was brought in the wrong state.

The Illinois Appellate Court's First Division reversed and remanded a trial court’s Jan. 10 ruling dismissing Koss’ claims against Grant Thornton on the grounds that the case should be brought in Wisconsin, where Koss is headquartered and where the embezzlement and audits took place....
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