Refco has another reason to sing the blues - to the tune of another $312 million lawsuit. This time around, according to TheStreet.com, creditors of the futures brokerage are claiming that the day after the recent scandal came to light in October, Refco moved $312 million in what they call a "preferential transfer" from the S&P Managed Futures Index Fund (marketed as Sphinx Managed Futures Fund) it managed to a new account at Lehman Brothers, arranged with the help of hedge fund manager PlusFunds Group. Upon receiving the latest complaint, U.S. Bankruptcy Judge Robert Drain froze the fund's assets, making it off limits to investors' redemption until the matter is resolved.

Consequently, the, according to The Wall Street Journal, Rydex Funds is asking the board of directors of its Rydex SPhinX Fund to allow it to fold into the Rydex Absolute Returns Strategies Fund, reportedly because of the former fund's 11% exposure to the PlusFunds-managed SPhinX fund.

Interestingly, says TheStreet.com, Judge Drain has sealed all court records related to the case, making it off limits to public. Creditors' lawyers from the law firm of Milbank Tweed Hadley & McCloy moved for the sealing to protect their clients and other third parties from "irreparable harm."