Accounting firms Ernst & Young, PricewaterhouseCoopers and Grant Thornton were among those named in a $2 billion lawsuit filed by representatives of the creditors of bankrupt financial company Refco.
Also named in the suit were legal and financial advisors to the company, which collapsed amid allegations of “round-trip loans” made to cover up heavy losses. In addition to the accounting firms, the Refco Litigation Trusts sued Refco’s law firm, Mayer, Brown, Rowe & Maw, along with Banc of America Securities, Credit Suisse Securities, Deutsche Bank Securities, Ingram Micro, former Refco CEO Philip Bennett and other former executives.
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