Sunday, 28 December 2014
Last updated 3 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.