Thursday, 31 July 2014
Last updated 37 min ago
Feb 1 2013 | 11:58am ET
More than a year after futures brokerage MF Global collapsed, its hedge fund customers and other clients will finally to be paid—and may actually recoup all of their funds.
A U.S. Bankruptcy Court judge yesterday approved a settlement between the two trustees overseeing MF Global's liquidation. The deal means that most customers will get 93% of their money back.
James Giddens, the trustee seeking recoveries for U.S. customers, had originally suggested that only 80% would be recovered. With the agreement, there is a prospect that Giddens, who is still seeking recoveries from others, could make MF Global's customers whole.
A spokesman for Giddens said that "significant distributions" would begin within weeks.
U.S. Bankruptcy Judge Martin Glenn praised the agreement, which he said "puts to rest a complex and expensive dispute that has held up the distribution of a substantial amount of funds."
Customers who traded on U.S. exchanges will get between 75% and 82% of their money back.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…