Investors' Suit Over Mayer Brown's Refco Dealings Hits Hurdle

Law360, New York (March 12, 2013, 5:09 PM EDT) -- The New York special master in the Refco Inc. securities fraud multidistrict litigation said Monday that hedge fund liquidators suing Refco’s former counsel Mayer Brown LLP and Grant Thornton LLP failed to establish facts of the fraud, recommending a federal judge deny the plaintiffs’ partial summary judgment bid.

Special Master Daniel J. Capra said a New York federal court should deny a bid from liquidators for the Sphinx Ltd. family of hedge funds to establish that Refco knowingly conspired to hide $430 million in customer losses...
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