Lawsuits May Unravel BAWAG-Refco Settlement

Law360, New York (September 5, 2006, 12:00 AM EDT) -- A spate of U.S. lawsuits over Bank Für Arbeit und Wirtschaft AG’s (BAWAG) entanglement with Refco Inc.’s bankruptcy may end up threatening the sale of the Austrian bank.

VR Global Partners, a Russian hedge fund group, has lodged a complaint in opposition to the out-of-court settlement BAWAG made with Refco creditors to resolve its alleged involvement in Refco’s fall into bankruptcy last October.

BAWAG maintained that the complaint was not likely to affect the court settlement, which was approved by the court in June.

“The sale...
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.