RFX Refco Inc.

Notice is hereby given that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Refco, Inc. ("Refco" or the "Company") (NYSE:RFX) common stock during the period between August 11, 2005 and October 18, 2005 (the "Class Period"), including those who purchased the common stock of Refco pursuant and/or traceable to the Company's initial public offering ("IPO") on or about August 11, 2005, seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought Refco's stock through your Refco retirement account and have information or would like to learn more about these claims, please contact us. The complaint charges certain of Refco's officers and directors with violations of the federal securities laws. Refco provides execution and clearing services for exchange traded derivatives; and brokerage services in the fixed income and foreign exchange markets in the United States, Bermuda, and the United Kingdom. The complaint alleges that Refco went public via an IPO in August 2005. A mere three months later, on October 10, 2005, Refco announced that Phillip R. Bennett, its Chief Executive Officer ("CEO"), Chairman and controlling shareholder, was being placed on a leave of absence and that the Company had discovered, purportedly through an internal review, a receivable of $430 million owed by Bennett to the Company. The Company also announced that based on the undisclosed related-party transaction, its prior financial statements should not be relied upon. According to the complaint, on or about August 10, 2005, Refco filed with the SEC a Form S-1/A Registration Statement (the "Registration Statement"), for the IPO. On or about August 11, 2005, the Prospectus with respect to the IPO, which forms part of the Registration Statement, became effective and 26.5 million shares of Refco common stock were sold to the public, thereby raising approximately $583 million. According to the complaint, the Prospectus issued in connection with the IPO was materially false and misleading for several reasons, including the fact that in a section entitled "Certain Relationships and Related Transactions," the Prospectus purported to detail all of the related-party transactions concerning its business, but failed to disclose the related-party loan of $430 million to an entity controlled by Bennett. As detailed in the complaint, Refco has now admitted that its financial statements as of and for the periods ended February 28, 2002, February 28, 2003, February 28, 2004, February 28, 2005 and May 31, 2005 should no longer be relied upon and will be restated. This amounts to an admission that those financial statements were materially false and misleading when issued. In response to these announcements, the price of Refco common stock declined precipitously falling from $28.56 per share to $15.60 per share on extremely heavy trading volume. On October 13, 2005, the Company issued a press release announcing that it had hired advisors and imposed a 15-day moratorium on all activities, including customer withdrawals, of Refco Capital Markets, Ltd. In response to this announcement the price of Refco common stock declined an additional $2.95 per share to $7.90 per share on extremely heavy trading volume. On October 17, 2005, Refco announced that the Company and certain of its subsidiaries had filed for protection under Chapter 11 of the United States Bankruptcy Code. If you purchased Refco common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by 60 days from October 11, 2005. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.