Susan M. Greenwood | Bloomberg Law Capital Mgmt. Select Fund Ltd. v. Bennett, No. 08-06166, 2012 BL 7128 (2d Cir. Jan. 10, 2012) Resolving another piece of the fallout from the collapse of Refco, Inc., the U.S. Court of Appeals for the Second Circuit held that customer agreements (Agreements) between investors and Refco subsidiary Refco Capital Markets, Ltd. (RCM) did not contain actionable misstatements under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Shady Accounting Affects Customer Accounts
Agreements Are Not Deceptive
No Regulatory Protection
No Additional Misrepresentations
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