Refco Gets A Break On Asset Sales

Law360, New York (February 1, 2006, 12:00 AM EST) -- A federal bankruptcy judge delivered some good news to embattled brokerage firm Refco, Inc. this week, after siding with the company twice in matters related to the ongoing division of its assets.

U.S. Bankruptcy Judge Robert Drain ruled that Refco was not automatically required to pay commodity brokerage firm Cargill Inc. between $67 million and $192 million, negating an earlier deal between the two companies.

Refco acquired Cargill last August, two months prior to filing for Chapter 11 bankruptcy protection.

In addition to the payments, which...
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.