Friday, 19 December 2014
Last updated 40 min ago
Nov 6 2013 | 11:52am 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.
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.