Refco F/X customer information purchase agreement terminated; accounts to close July 31

By Caroline Salls

Pittsburgh, July 26 - Refco Inc.'s proposed agreement with Gain Capital Group, under which Gain was to acquire the Refco F/X Associates retail customer account information and related assets, was jointly terminated because the parties were unable to reach terms on a final asset purchase agreement, according to a company news release.

Refco F/X said that as a result of its inability to enter into a final asset purchase agreement, it plans to terminate its agreement with FXCM, the company that services its web-based platform.

Refco F/X plans to notify customers immediately that as of July 31 their accounts will be closed and locked from any further trading activity.

On June 30, Refco F/X announced that it had reached a preliminary agreement with Gain Capital.

Refco, a New York-based commodities brokerage company, filed for bankruptcy on Oct. 17, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-60006.

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