Mayer Brown free of Refco liability Supreme Court rules

The U.S. Supreme Court has let stand lower court rulings that said Chicago law firm Mayer Brown LLP could not be sued in connection with the securities fraud scandal and sudden collapse of Refco Inc.

New York-based futures broker Refco filed for bankruptcy protection in October 2005 — two months after it went public — when billions of dollars in phony loan transactions came to light, exposing the extent of its indebtedness.

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