Hedge fund manager Jim Rogers has reached a settlement with Refco, the bankrupt futures and commodities broker, that reduces Rogers' claims against the broker by more than 90%.

Two funds managed by Rogers - Rogers International Raw Materials Fund and Rogers Raw Materials fund - filed a $362m (€285m) suit against Refco to recover cash and securities they alleged were wrongly transferred to Refco Capital Markets, a unit of Refco. Under the terms of the settlement, the funds will receive an unsecured claim of just $30m against the company.