Refco Settles Adversary Case For $17.5M

Law360, New York (November 26, 2008, 12:00 AM EST) -- The plan administrator for Refco Capital Markets Ltd. has settled an adversary proceeding with an account holder, allowing $175 million in unsecured claims to stand against the estate now that the claimant has agreed to return $17.5 million of a disputed $30 million to RCM.

The proposed settlement, filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, resolves the administrator's action to disallow claims on the RCM estate by Carlos Sevilleja and two affiliated entities because of allegedly preferential payments he...
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