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Refco Nixes Deal To Sell Unit’s Customer Accounts

Law360 (July 26, 2006, 12:00 AM EDT) -- Bankrupt commodities brokerage Refco Inc. has scrapped a plan to sell one of its unit’s foreign exchange customer accounts to Gain Capital Group.

Both Refco and Gain agreed to terminate the deal over the Refco FX Associates LLC accounts, according to a filing Wednesday in the U.S. Bankruptcy Court in the Southern District of New York.

“While the parties had entered into a term sheet outlining the transaction, they were unable to reach terms on a final asset purchase agreement,” Refco stated.

Under the deal, Gain...
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