On November 20, 2008, Judge Gerald E. Lunch refused to overturn his dismissal of Refco customers’ securities class action case alleging Refco sold their assets without permission. While Judge Lynch had ruled that he would reconsider his dismissal, after reconsideration, the court again denied the plaintiffs motion to plead their case again. The court decided not to reconsider the case because, according to Judge Lunch, “the court has already done its fallible best after full and repeated briefings by the parties.” The plaintiffs are investment funds, including Global Management Worldwide Ltd. and Arbat Equity Arbitrage Fund Ltd., who were customers of Refco, a brokerage company that is now defunct. Plaintiffs were attempting to allege that Refco’s subsidiary, Refco Capital Markets Ltd. committed fraud in violation of the Securities Exchange Act of 1934. The initial attempt was dismissed in 2007 for failure to allege deceptive conduct. The suit was also dismissed a second time in August because the plaintiffs lacked standing for not fitting within the court’s definition of buyers or sellers of securities and because they again failed to allege deceptive conduct. Judge Lynch also disagreed with the plaintiff’s argument that their customer agreements demonstrated that Refco passed interest in the securities to them, which made them actual sellers of the securities.