A securities fraud action against Grant Thornton LLP in connection with the collapse of Winstar Communications in 2001 has been revived by the U.S. Court of Appeals for the Second Circuit.
Saying that genuine issues of material fact exist as to whether the accounting firm made false and misleading statements in an audit opinion letter on Winstar, the circuit reversed a grant of summary judgment in BMI Intermobiliare v. Grant Thornton, 10-4028.
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