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Equity Firm Battles Grant Thornton In Refco Fraud Suit

Law360 (January 7, 2008, 12:00 AM EST) -- A private equity firm with a majority stake in the now-defunct Refco Inc. has defended its lawsuit against the company's auditor, scoffing at claims by Grant Thornton LLP that it was exempt from liability for the massive fraud that unraveled the broker.

In its opposition to Refco's motion to dismiss the case, Thomas H. Lee Equity Fund V LP – which bought its majority interest in Refco for $452 million in August 2004 – accused the auditor of having a "long-standing" knowledge of the transactions at...
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