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MF Global trustee announces settlement deals key to cash payouts

Published on Dec 23, 2012 10:13 AM

LONDON (REUTERS) - The trustee for the failed MF Global on Saturday announced two key agreements expected to accelerate cash payouts to clients and creditors of the failed futures brokerage.

Mr James Giddens, trustee for the MF Global estate, said in a statement he had negotiated deals to resolve disputes with the company's former British affiliate and the parent company, MF Global Holdings.

As a result of the British agreement, Mr Giddens estimated between US$500 million (S$610 million) and US$600 million could be returned to the MF Global estate if the deal was finalised.

Mr Giddens, whose job is to recover as much money as possible for customers, has returned about 80 per cent of the money in customer trading accounts.

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