Jim Rogers, the US hedge fund manager, is being sued by two of his investors over the transfer of $362m (€299m) worth of assets from one part of bankrupt US broker, Refco, to another.

Reuters reports that the suit alleges Rogers, who co-founded the Quantum hedge fund with George Soros, allowed the assets to be transferred from segregated accounts at Refco LLC, a regulated Refco subsidiary, to Refco Capital Markets, which is unregulated.