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Investment Bankers Oppose Sphinx-Refco Settlement

Law360 (May 18, 2006, 12:00 AM EDT) -- Merrill Lynch & Co. and two other top investment firms have asked a judge to toss a $263 million proposed settlement between a hedge fund and Refco Inc. creditors, claiming the deal is a thinly veiled attempt to conceal misconduct by hedge fund insiders.

Merrill Lynch, Raymond James & Associates and Rydex Capital Partners LLC were investors in Sphinx Managed Futures Fund SPC, a hedge fund with a long history with Refco that was initiated by executive Christopher Sugrue. Last month, Sphinx reached the pact with...
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