Bankruptcy, Malpractice

Court-Appointed Examiner Blows The Whistle on Mayer Brown In Refco Case

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This can’t help the whole equity partner situation at Mayer Brown.
A court-appointed examiner in the Refco bankruptcy case has there are grounds to sue Mayer Brown for malpractice in the case. Ernst & Young and Weil might be on the hook too, but these are “close calls” according to the examiner (with the obvious implication that with Mayer Brown it is not a close call). This from a Reuters article on the report from the examiner, Joshua Hochberg:

Hochberg filed his report with the U.S. bankruptcy court in Manhattan. His recommendations could provide grounds for lawsuits by Refco creditors, many of whom received only a fraction of the amounts they claimed they were owed.
Hochberg is a partner at McKenna Long & Aldridge LLP in Washington, D.C. specializing in white-collar crime. He used to head the fraud unit of the U.S. Department of Justice.

Mayer Brown has not commented.
Earlier:
Mayer Brown Rowe & Maw-ling: Getting Too Far in Front of the Story?
Mayer Brown Rowe & Maw-ling: A Bit of Backstory

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