Refco Must Pay For Customer Suit Against Affiliate

Law360, New York (September 29, 2006, 12:00 AM EDT) -- A federal judge has ordered Refco Inc. to pay more than $4.2 million in legal fees to securities customers who argued they contributed to Refco’s reorganization process by suing one of Refco’s affiliated debtors.

As a result of U.S. Bankruptcy Judge Robert Drain’s Wednesday order, Refco will pay nine law firms $3,946,303.85 in fees and $330,455.57 in expenses.

The lion’s share of that total—almost $1.4 million—will go to Cleary Gottleib Steen & Hamilton LLP. Cleary Gottleib represents Inter Financial Services Ltd.

Akin Gump Strauss Hauer &...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.