A federal appeals court has ruled that two prominent New York plaintiffs firms are not liable to former clients for failing to sue accounting firm Arthur Andersen in a securities fraud suit stemming from the largest Ponzi scheme in U.S. history.
Kirby, McInerney & Squire and Bernstein Litowitz Berger & Grossman were co-lead counsel in a 1997 class action against the Bennett Funding Group (BFG), a Syracuse, N.Y.-based outfit that sold investors $570 million worth of fraudulent securities. Arthur Andersen, which served as BFG’s auditor in 1989 and 1990, was not named as a defendant.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
