Refco Secures Final $263M Settlement

Law360, New York (November 16, 2007, 12:00 AM EST) -- In exchange for a small cut of the $263 million agreement, a futures fund's investors agreed to drop its appeal to the fund's settlement with Refco Inc., which had targeted $312 million that the fund allegedly fraudulently transferred on the eve of Refco's bankruptcy.

A judge on Tuesday approved the settlement between the plan administrator for subsidiary Refco Capital Markets Ltd. and the liquidators of Sphinx Managed Futures Fund SPC, the also-bankrupt target of Refco's adversarial suit, filed in the U.S. Bankruptcy Court for the Southern...
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