Creditor Withdraws Appeal Over Refco-BAWAG Deal

Law360, New York (September 7, 2006, 12:00 AM EDT) -- A creditor has pulled its lawsuit over the settlement between commodities and futures brokerage Refco Inc. and BAWAG, making way for the Austrian bank to shell out $675 million to resolve its involvement in Refco’s slide into bankruptcy.

VR Global Partners LP, a Russian hedge fund group, withdrew its complaint in the U.S. District Court for the Southern District of Manhattan on Wednesday. The hedge fund had claimed the agreement prevented creditors from pursuing their individual claims against Austria’s biggest bank.

The hedge fund had said...
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