Grant Thornton Settles With Allianz In $1B Winstar Fraud Row

Law360, New York (May 23, 2013, 4:56 PM EDT) -- Affiliates of German insurer and financial services giant Allianz SE on Thursday settled their claims accusing accounting firm Grant Thornton LLP of helping to conceal a $1 billion revenue hole at now-bankrupt Internet company Winstar Communications Inc.

U.S. District Judge George B. Daniels of the Southern District of New York dismissed the claims with prejudice after the Allianz companies and Grant Thornton agreed to a compromise and settlement resolving the action, with the accounting firm admitting no wrongdoing.

While the deal resolves the Allianz affiliates’ claims, Grant Thornton is still facing parallel claims brought by a recently certified class of investors...

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