Corporate America and accounting firm RubinBrown LLP have entered into a confidential settlement to end their dispute arising in the aftermath of the U.S. Central collapse, according to sources close to the matter.
Corporate America had filed suit against the accounting firm in connection with services RubinBrown had performed for U.S. Central. In a report prepared by RubinBrown, the accounting firm had said that paid-in-capital shares in U.S. Central were worth at least $450 million. Corporate America, in its suit, claimed it relied on that report in deciding to exchange its member capital shares in U.S. Central for PIC. Shortly thereafter, U.S. Central was placed into conservatorship, and the PIC shares were worthless.
Corporate America sued RubinBrown alleging professional negligence and violation of state securities laws.
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