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A lack of standing has led a federal judge to dismiss a second civil case against Mayer Brown in connection with the Refco scandal. Southern District Judge Gerard E. Lynch ruled Tuesday that the case brought by liquidation trustee Marc S. Kirschner, who is standing in the shoes of Refco, must be dismissed because "a trustee cannot sue to recover for a wrong undertaken by the debtor itself." In addition to Mayer Brown, the judge also granted motions to dismiss sought by Credit Suisse Securities and other investment banks, Ernst & Young U.S. and other accounting firms, and several third-party participants.
April 17, 2009 at 12:00 AM
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