MF Global Customers To Get 93% Of Their Money

Feb 1 2013 | 12:58pm 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.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...