Russian Bank Hits Refco Unit With Lawsuit

Law360, New York (April 5, 2006, 12:00 AM EDT) -- Refco Securities LLC has been slapped with a lawsuit by Russia’s biggest commercial bank in an attempt to enforce a $121.7 million judgment issued by a court in the United Kingdom.

The Savings Bank of the Russian Federation, or Sberbank, filed a lawsuit in federal court in Manhattan this week, accusing Refco Securities, a subsidiary of the embattled Refco Inc., of failing to redeliver Sberbank’s collateral after loan agreements between the two companies had ended.

The Russian bank's lawsuit against Refco Securities raises significant questions over...
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