Refco Creditors Cry Foul

Another group is crying foul over missing assets in the Refco(RFXCQ Quote) collapse.

There's a twist in the latest case. The aggrieved party isn't some hedge fund that saw its money locked up when the scandal-tarred commodities brokerage blew up in October. It's Refco creditors, who want to know why a fund managed and marketed by the brokerage was able to move its money to safety just as the scandal was erupting.

Lawyers representing Refco's creditors charge that about $312 million in an index fund formerly managed and marketed by Refco was improperly moved from the brokerage to a new account now with Lehman Brothers(LEH Quote), according to regulatory filings and people familiar with the situation. ...