Mayer Brown Settles Claims It Aided $1.5B Refco Fraud

By Max Stendahl (June 19, 2013, 1:01 PM EDT) -- Mayer Brown LLP has agreed to pay an undisclosed amount to Refco Inc.'s bankruptcy trustee to settle claims the law firm aided a $1.5 billion fraud scheme that produced a flurry of criminal convictions, the parties said Tuesday in a Second Circuit filing.

Refco trustee Marc S. Kirschner claims Mayer Brown, as primary counsel for Refco until its 2005 collapse, knew about and affirmatively aided a fraud against foreign exchange customers, but a New York federal judge tossed the claims in December 2010. The parties were slated to make oral arguments Wednesday before the Second Circuit but struck a settlement Tuesday...

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