Refco sued by 2 Rogers commodities funds
Oct 26, 2005 | 10:58 AM
| Sean Barry
Embattled New York-based futures brokerage Refco Inc. is being sued by two commodities funds backed by Jim Rogers, a fund entrepreneur, for "wrongfully and fraudulently" handling $362 million of their assets.
A complaint filed by Rogers Raw Materials Fund LP and Rogers International Raw Materials Fund LP claims that Refco, which filed for Chapter 11 bankruptcy protection last week, should not have included the assets in the bankruptcy filing.
The complaint also claims that while the funds' futures positions and margin funds were transferred as requested to Refco LLC, the government securities were "deceitfully" arranged to be diverted to Refco Capital Markets Ltd., an unregulated derivatives broker that is covered by the bankruptcy filing.....
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