And the horses are off...
Today, co-lead counsel in the Refco securities litigation, Bernstein Litowitz Berger & Grossmann LLP and Grant & Eisenhofer, P.A., announced a settlement with BAWAG P.S.K. Group for at least $108 million. A copy of the press release announcing the settlement can be found here.
The settlement was part of BAWAG's attempted global resolution of its potential REFCO related liability. BAWAG also apparently into settlements with the United States Attorney for the Southern District of New York and the Official Committee of Unsecured Creditors in the Refco bankruptcy proceedings.
The settlement with BAWAG comes incredibly early in the litigation - less than four months after lead plaintiffs were appointed and just two months after a consolidated complaint was filed. According to the release, " defendants had until July 10 to submit their motions to dismiss the case."
As mentioned last week by this author, co-lead counsel maintains a website devoted to case developments in the Refco litigation here. The prior post is available here.