My clan has attempted the raid a number of times, we've cleared every encounter at various points but never the final boss. I've got 35 tokens saved up and supposedly on Dec 5 patch he was supposed to start responding to you even if you had not cleared the whole raid.
Well.. he's not. What's going on? Why can't I talk to the vendor and redeem my tokens??
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It appears to be linked to obtaining a token. I had a similar experience, and I was able to work around this by putting my tokens into the vault, and withdrawing them. This counted as obtaining the tokens, and I was able to go to Benedict and spend tokens. Note he didn't appear on the map right away, but going to his basement (without reloading or anything) allowed me to talk and spend tokens right away.