MF Global Trustee Has Plans to Return Millions to Customers
An MF Global trustee’s plan to return millions of dollars to MF Global customers will not force them to give up claims against unknown parties or hold them to other undefined conditions. That’s according to court papers filed by trustee James Giddens in Manhattan bankruptcy court Tuesday. This planned distribution to customers will provide a return of about 80-percent for some. According to Giddens – commodity customers who traded futures on foreign exchanges will get their first payments of about 50-million dollars – while about 600-million will go to customers who traded on U.S. exchanges.
In other MF Global news – Farm Futures reports a U.S. Bankruptcy Judge has ruled that former executives can tap up to 30-million dollars of an insurance fund to help with legal fees. MF Global customers were trying to preserve the insurance fund to help cover damages caused when 1.6-billion dollars in MF Global client money was misplaced.