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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.