Refco Suits Keep Coming

Thomas H. Lee Partners has filed suit against Grant Thornton LLP, in connection with Grant Thornton's role as Refco's independent auditor. In a press release, the firm says that the suit “details how Grant Thornton, through material and knowing omissions in its representations to the THL Funds, kept hidden the related party transactions and round-trip loans that were the basis of the fraudulent scheme that led to Refco's collapse.” The suit seeks to recover damages of at least $245 million.