Securities Fraud Suit Against Refco Largely Trimmed

Law360, New York (August 29, 2008, 12:00 AM EDT) -- Former customers of now-defunct futures brokerage Refco Inc. faced a large loss in federal court Thursday, when a judge granted 15 motions to dismiss in their purported securities fraud class action accusing some of the company's officers, auditors and affiliates of engaging in a scheme to sell the customers' assets without permission.

Judge Gerard E. Lynch of the U.S. District Court for the Southern District of New York said that the plaintiffs lack standing to bring their securities fraud claims because they do not fit the...
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