Mayer Brown Escapes Refco Securities Fraud Action

Law360, New York (March 18, 2009, 12:00 AM EDT) -- A federal judge has tossed Mayer Brown LLP and a firm partner from a proposed securities class action stemming from the collapse of Refco Inc., saying outside counsel could not be held liable for the alleged multimillion-dollar fraud scheme that felled the defunct brokerage firm.

Judge Gerald Lynch of the U.S. District Court for the Southern District of New York on Tuesday granted motions by Mayer Brown and partner Joseph P. Collins to dismiss the claims against them from the plaintiff shareholders' second amended complaint....
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