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Refco's Foreign Exchange Clients Sue For $10M

Law360 (September 27, 2006, 12:00 AM EDT) -- Refco Inc.’s foreign exchange customers want their money back, and have sued two of the debtors in bankrupt commodities brokerage's Chapter 11 proceedings in an attempt to get it.

The ad hoc Refco F/X customer committee and Forex Trading L.L.C. have filed an adversary suit against Refco F/X Associates L.L.C. and Refco Capital Markets Ltd. seeking the return of more than $10 million dollars in client funds. The plaintiffs claim Refco F/X improperly shuttled the money to Refco Capital Markets.

The plaintiffs—referred to as customers in...
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