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Refco Reaches $263M Deal In PlusFunds Feud

Law360 (April 21, 2006, 12:00 AM EDT) -- The creditors of beleaguered brokerage giant Refco Inc. have reached a $263 million settlement with Sphinx Managed Futures Fund SPC, putting to end a fight that erupted after parent company PlusFunds Group Inc. transferred $312 million amid Refco’s collapse.

Insiders revealed the settlement news on Friday, with the official motion expected to be filed soon in the U.S. Bankruptcy Court in Manhattan.

For the past few months, Refco's creditors have been battling the New York hedge fund’s “improper” transfer, suing SMFF in December to compel the...
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