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Saturday, 21 January 2017
Last updated 1 day ago
Nov 7 2013 | 10:54am ET
The CME Group is doing its part to ensure that MF Global Holdings' customers are made whole by the end of the year.
The firm, one of MF Global's regulators, reached a deal with the collapsed futures brokerage's trustee, awarding it a $29 million claim, half of which it will pay to MF Global customers. The deal comes a day after the trustee, James Giddens, won court approval to return 100% of customer assets by the end of the year, just over two years after MF Global filed for bankruptcy after $1.6 billion in customer money went missing.
CME's agreement resolves any claims with regard to MF Global.
"Though CME Group fulfilled all of its responsibilities as a self-regulatory organization, these agreements provide a quicker resolution for our customers—giving them more money back sooner, rather than working through prolonged litigation," CME President Terry Duffy said yesterday.