Refco Customers Fail To Reverse Fraud Case Dismissal

Law360, New York (November 21, 2008, 12:00 AM EST) -- Investment funds that were customers of defunct brokerage Refco Inc. failed to convince a judge to overturn his dismissal of their putative securities class action accusing the company of selling their assets without permission.

Judge Gerard E. Lynch ruled in the U.S. District Court for the Southern District of New York on Thursday that he would reconsider the dismissal, but “upon reconsideration, the court will again deny plaintiffs leave to replead.”

Judge Lynch said the former customers of commodities and futures brokerage Refco provided “no indication”...
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