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Challenge To Sandler O'Neill's Refco Deal Rebuffed

Law360 (December 3, 2008, 12:00 AM EST) -- A federal judge has rejected a challenge by Credit Suisse Securities USA LLC and Goldman Sachs Group Inc. to a deal Sandler O'Neill & Partners LP reached last month to settle a securities fraud lawsuit over the collapse of failed commodities broker Refco Inc.

Judge Gerard E. Lynch of the U.S. District Court for the Southern District of New York granted the banks' motion to reconsider preliminary approval of the settlement on Tuesday, but decided it should still get preliminary approval after reconsideration.

Under the settlement,...
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