Refco Trustee's Objections "Lone Voice In Wilderness"

Law360, New York (August 30, 2006, 12:00 AM EDT) -- A $2.3 billion settlement proposed by the Chapter 11 Trustee for Refco Inc.’s offshore unit will massively overpay claimants and delay the looming liquidation of Refco’s former flagship unit, according to an objection filed this week by a Chapter 7 Trustee.

Albert Togut, Chapter 7 Trustee for Refco LLC, said in court documents that his warnings about the settlement were falling on deaf ears, making his objection “a lone voice in the wilderness.”

Togut warned that the proposed deal between customers and Refco’s unregulated Bermuda-based unit,...
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.