Refco, BofA Reach Settlement

Law360, New York (May 8, 2007, 12:00 AM EDT) -- Refco Inc. and Bank of America have reached a settlement over credit card transactions processed as the futures broker slid into bankruptcy, with a judge allowing Bank of America a secured claim against Refco’s estate.

Judge Robert Drain of the U.S. Bankruptcy Court of the Southern District of New York on Monday ruled that Bank of America may pursue a claim in the amount of $188,792.87, about $81,000 less than the bank had originally requested.

The claim stems from a credit card transaction agreement between Refco...
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