NEW YORK, June 30 (Reuters) - A U.S. bankruptcy court judge on Friday approved Refco Inc. (RFXCQ.PK: Quote, Profile, Research) creditors' $506 million settlement with Austrian bank BAWAG for allegedly helping the bankrupt broker commit fraud. A last-minute disagreement among several creditor groups had threatened to scuttle the deal, but was resolved shortly before Friday's hearing. The $506 million deal was part of a $675 million BAWAG settlement announced on June 5, which resolved the bank's most pressing legal problems and cleared the way for it to be sold. "This represents a very important recovery for (Refco)," said Judge Robert Drain. With Friday's approval, Refco creditors have won some $770 million -- still a small fraction of the $16.8 billion they say they are owed.