Though more than two years old, the Refco bankruptcy still has players fighting over blame and cash. In a lawsuit seeking more than $2 billion in damages and penalties from Refco auditor Grant Thornton LLP (GT), law firm Mayer Brown LLP (MB) and 24 other defendants, Refco Litigation Trustee Marc. S. Kirschner claims that Refco insiders were aided and abetted by a "who's who" list of the world's largest corporate finance, law and accounting firms "to strip out billions of dollars in Refco assets" in a three part scheme to create the illusion of financial health, maintain that illusion and cash-out their interests. In court documents, Kirschner says that MB worked with Refco lawyers to "fraudulently bolster Refco's financial appearance to lenders and investors," through a series of round-trip loans (RTL) that served no purpose but to conceal hundreds of millions of dollars in receivables, a process he likens to a street corner shell game. "I
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