Refco CEO Asks Judge To Throw Out Suit

Law360 (April 21, 2006, 12:00 AM EDT) -- Refco Inc.’s former CEO, Philip Bennett, has asked a Manhattan district court judge to throw out a $245 million criminal fraud class action suit brought against him by three funds managed by Thomas H. Lee Partners, a private equity firm that facilitated the commodity brokerage’s initial public offering last year.

Refco filed for bankruptcy protection last October after announcing that Bennett had hidden $430 million in bad debt from investors and bondholders, aided by the oversight of numerous underwriters, auditors and company officers.

Thomas H. Lee...
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