Refco Unit Must Hand Over $124M To Russian Bank

Law360, New York (June 15, 2006, 12:00 AM EDT) -- In a blow to Refco Securities LLC, a U.S. judge has ruled that the unit of bankrupt brokerage giant Refco Inc. must follow a British court judgment and fork over $124 million to Russia's largest commercial bank.

After months of arguing, U.S. District Judge Kevin Castel has determined that the British order is enforceable in the U.S., a boon for the Savings Bank of the Russian Federation, or Sberbank.

Sberbank had sued Refco Securities LLC back in December after accusing the futures broker of running off...
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