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In Refco Fallout, BAWAG Settles For $675M

Law360 (June 5, 2006, 12:00 AM EDT) -- On the heels of last week’s settlement announcement, Austrian lender BAWAG PSK Group has revealed that it will pay at least $675 million to federal regulators for its alleged role in the collapse of futures broker Refco Inc.

As part of the settlement agreement, the bank admitted that it helped former Refco chief executive Phillip Bennett commit fraud by hiding $430 million in debt from investors.

The settlement agreement, which is still subject to approval by Federal Judge Gerard E. Lynch in New York, who is...
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