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Lawsuits May Unravel BAWAG-Refco Settlement

Law360 (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...
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