Sunday, 24 July 2016
Last updated 1 day ago
Jun 6 2013 | 10:37am ET
Former Federal Bureau of Investigation Director Louis Freeh's work as bankruptcy trustee for MF Global Holdings is done.
Freeh formally ended his role in the collapsed futures brokerage's liquidation on Tuesday, transferring his responsibilities to a new three-person board of directors. Control over outstanding lawsuits—including against former MF Global CEO Jon Corzine—was transferred to a litigation trust.
Freeh's exit comes after a deal with MF Global's hedge fund creditors, which was approved by a bankruptcy court in April, and agreements last year with two other bankruptcy administrators.
"I am confident the liquidation process can be effectively administered to the satisfaction of creditors," Freeh said.
MF Global collapsed in October 2011 after more than $1 billion in customer money went missing.