Trustee Wants to Return More to MF Global Clients
The trustee overseeing the liquidation of MF Global is asking for permission to distribute another $685 million to the failed brokerage’s customers.
James Giddens filed the request Thursday in the U.S. Bankruptcy Court in New York. He has already given back $3.9 billion to MF Global customers. In his latest request, the trustee asks the court for permission to distribute up to $600 million to customers who traded commodity futures on U.S. exchanges.
He also seeks permission to give $50 million to customers who traded on foreign markets, the first such payment to those trading on foreign exchanges. Another $35 million would be returned to owners of physical property.
MF Global, headed by former Goldman Sachs CEO Jon Corzine, filed for bankruptcy Oct. 31.
A federal grand jury in Chicago is investigating how $1.6 billion went missing at the firm.
(Copyright 2012 by The Associated Press. All Rights Reserved.)