Judge Approves Full Payout For MF Global Clients

Nov 6 2013 | 12:52pm ET

Clients of collapsed futures brokerage MF Global are set to get all of their money back, two years after the firm fell apart.

U.S. Bankruptcy Judge Martin Glenn has approved MF Global trustee James Giddens' plan to use the remaining funds from the firm's estate to make its customers whole. The roughly 20,000 clients, including many hedge funds, could get the remaining $230 million by the end of the year.

The biggest beneficiaries of Glenn's ruling will be MF Global customers who traded overseas; they have only received 74% of their money back. Customers who traded in the U.S. have already gotten about 98% of their money.

"At the outside of the case, nobody thought that customers would recover everything they lost," the judge said at yesterday's hearing.

Some $1.6 billion disappeared from MF Global accounts as the firm, headed by former New Jersey Gov. Jon Corzine, struggled to survive.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

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

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...