Refco, Multi-Bank Settle Spat Over Alleged Deposit

Law360, New York (May 21, 2008, 12:00 AM EDT) -- Investment firm Multi-Bank Securities Inc. has agreed to pay Refco Inc.'s offshore securities broker-dealer $1.25 million to settle a dispute over a deposit Refco allegedly made with Multi-Bank before it went bankrupt three years ago.

Marc S. Kirschner, the Chapter 11 Plan administrator for Refco Capital Markets Ltd., asked the U.S. Bankruptcy Court for the Southern District of New York to approve the settlement on Tuesday.

“The RCM administrator has determined, in the exercise of his sound business judgment, that the agreement is in the best...
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