Judge OK's Refco Deal With Wronged Saudi Trader

Law360, New York (December 6, 2006, 12:00 AM EST) -- A customer of Refco Inc. who deposited money just as the firm went bankrupt will receive $2.3 million in a settlement—about 40% of his claim—after a bankruptcy judge approved the deal Tuesday, addressing the controversial question of when exactly a trade occurs.

The $5.85 million claim by former customer Saeed Abdulrahman Alqahtani led to extensive negotiations and piqued the interest of Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan, who said the claim “did raise interesting issues that don't have much law on point.”...
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