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Refco Seeks Injunction Against Swiss Broker

by Ulrika Lomas, for LawAndTax-News.com, Brussels

24 November 2005


Collapsed futures brokerage, Refco revealed on Tuesday that it has filed an injunction in Switzerland in an attempt to prevent Geneva-based Advanced Currency Markets (ACM) from diluting Refco's 51% stake.

The firm is currently selling its assets to repay some $26.8 billion to creditors following the accounting scandal involving its former chief executive, Phillip Bennett. The company's most prized asset, its regulated futures brokerage, was recently sold to the UK's Man Financial, the brokerage operation of Man Group.

However, ACM has reportedly been quietly seeking to increase its share capital, thus diluting Refco's own holdings and hampering its ability to repay creditors.

In a statement released this week, the firm confirmed that:

"Refco has filed a request with the Geneva courts seeking a provisional injunction challenging the action of minority shareholders. The provisional injunction is pending."


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