Grant Thornton LLP will face a class-action lawsuit for allegedly failing to detect the accounting scandal at commodities and futures broker Refco Inc.

A class-action lawsuit filed in a New York federal district court blames Refco auditor Grant Thornton for issuing misleading statements about the company's financial results in support of Refco's $583 million initial public offering in August. Refco, as well as its two top officers and underwriters, were also named in the suit.

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