Case Study

Refco (Litigation)

CLIENT: Major accounting firm involved in the litigation arising from Refco's collapse

Gordian Group served as financial advisor to a major accounting firm involved in the Refco litigation.

Business Profiles


Refco was a New York-based financial services company that provided brokerage services for commodities and futures contracts. Refco and 23 affiliates filed for bankruptcy court protection on October 17th, 2005, a week after revealing that the former chief executive had hidden $430 million of debt, and two months after raising $583 million in an Initial Public Offering (IPO).


Gordian was engaged by counsel to one of the accounting firms involved in the litigation. Gordian’s Peter Kaufman and his team prepared an expert report evaluating what a reasonable prudent board of directors might have done to preserve as much value as possible at the time of the fraud’s discovery.