Secured $422 million in recoveries for Refco investors arising from massive accounting fraud
Plaintiff(s):
Investment manager serving as co-lead plaintiff on behalf of purchasers of Refco stock and bonds
Case type / claims:
Federal securities class action alleging violations of the Securities Act and Exchange Act arising from Refco’s concealed losses, misleading financial statements, and undisclosed related-party transactions
Defendant(s):
Officers and directors of Refco, Inc., the company’s auditor, private equity sponsor, and underwriters of Refco’s securities
Jurisdiction:
U.S. District Court for the Southern District of New York
Year:
2011
Outcome:
- Achieved more than $422 million in total settlements for investors harmed by Refco’s collapse.
- Secured recoveries from a multi-defendant group including executives, auditors, private equity owners, and underwriters.
