NEW YORK (Bloomberg) ? Refco LLC, a unit of Refco Inc. that is liquidating its assets, reached a settlement with investment funds tied to Jim Rogers that reduces the funds? claims against the bankrupt company by $332 million.

Rogers International Raw Materials Fund LP and a larger one, Rogers Raw Materials fund, filed a $362 million claim against Refco LLC. Under the terms of the accord reached today, the funds will receive a $30 million unsecured claim against the company and forfeit rights to additional claims.

Refco LLC and the funds reached the agreement minutes before US Bankruptcy Judge Robert Drain was scheduled to rule on the company?s request to dismiss the claim. The agreement preserves a plan to repay all creditors proposed by parent Refco Inc. in September. That plan and the settlement reached today require court approval.

?Some cases have to get tried before they settle but we?re happy to be here with this agreement,? Anthony Clark, a lawyer representing Refco LLC, said at a hearing in US Bankruptcy Court in New York.

As part of the settlement, Beeland Interests Inc., which managed the funds, and certain of its executives agreed to drop any claims they may have against Refco LLC. Jim Rogers, a former partner of George Soros, is chairman of Beeland. The settlement preserves claims the funds have against Bermuda-based affiliate Refco Capital Markets Ltd.

Refco Inc. and 23 affiliates filed the 15th-biggest bankruptcy in US history a week after disclosing that former Chief Executive Officer Phillip Bennett concealed debt and that the company?s financial statements since 2002 were inaccurate. Bennett pleaded not guilty to federal fraud charges in November and is awaiting trial.

The bankruptcy case is, In re Refco Inc., 05-60006, US Bankruptcy Court, Southern District of New York.