Ex-Refco CEO Escapes Shareholders' Fraud Fight

Law360, New York (October 21, 2010, 1:46 PM EDT) -- Investors alleging Refco Inc. artificially inflated its stock prior to a 2005 initial public offering have dropped claims against the failed brokerage's former CEO and three other defendants, who have already forfeited a total of $121 million to the U.S. government.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York granted the dismissal Wednesday of Refco's ex-CEO Phillip Bennett and former executives Tone Grant, Philip Silverman and Santo C. Maggio.

Since those ex-executives already forfeited $120.9 million to the...
To view the full article, register now.