Insurer Nixes Ex-Refco VP's Demand For Extra $7.6M

Law360, New York (September 22, 2008, 12:00 AM ET) -- After shelling out $10 million in liability insurance for bankrupt Refco Inc.’s former executives’ legal bills, Axis Reinsurance Co. filed Monday for summary judgment on the one-time vice president’s "preposterous" demand for an additional $7.6 million in settlement fees.

Axis is currently finalizing settlement terms with a group of 13 former executives of the now-defunct futures brokerage but is unable to do so with Dennis A. Klejna, the former general counsel and executive vice president, who expects $7.6 million more to go toward a settlement with...
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