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Court OKs $140M Settlement With Bank In Refco Case

Law360 (June 29, 2007, 12:00 AM EDT) -- Investors of collapsed Refco Inc. are celebrating after a judge signed off on a $140 million settlement with the Austrian bank that allegedly helped sink the commodities broker.

District Judge Gerard Lynch approved the settlement Friday, resolving all claims by the shareholders against BAWAG P.S.K. Group—the bank that loaned former Refco CEO Phillip Bennett $430 million and was said to have aided the accounting fraud scheme that led to the company's bankruptcy in 2005.

Counsel for the lead plaintiffs in the case, Stuart Grant, of Grant...
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