The Trustee's litigation to restore property that was or should have been segregated for customers trading on UK and other foreign exchanges began today with the filing of an application for direction with the English court.
The Trustee is pleased that the Joint Special Administrators have filed the application for direction. The filing of this application, for which the Trustee has pressed for several months, begins the judicial process in the UK and will help resolve whether the customer property that is the subject of the Trustee’s approximately $700 million client claim with the Joint Special Administrators was or should have been segregated under English law.
“As the advocate for all former customers of MF Global Inc., we are prepared to fight in any jurisdiction for the return of customer funds to their rightful owners,” said James Giddens, the Trustee for the liquidation of MF Global Inc.
The adjudication of this litigation will involve robust evidentiary disclosures and hearings, the completion of which is subject to the procedures of the English court. The Trustee will press to have this litigation concluded as expeditiously as possible.