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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.