MF Global customers may have long wait on overseas funds

James W. Giddens, the Trustee for the liquidation of MF Global Inc., is pleased that the first hearing before the English Court was held today as the initial step in the legal proceedings to 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. A target date of April 9, 2013 has been set by the UK Court for the start of the trial.

Prior to the beginning of the trial, both parties will participate in robust evidentiary disclosures and hearings.

“As the advocate for all former customers of MF Global Inc., including those in the UK, we are prepared to fight in any jurisdiction for the return of customer funds to their rightful owners,” Giddens said. “It is crucial that this intellectual dispute over how property was or should have been handled be urgently resolved so that the affected customers can receive back the property that is owed to them. My counsel and I will work diligently and expeditiously toward resolution of this litigation.”

The Trustee will continue to press for this litigation to progress expeditiously. The quick resolution of this legal dispute will help the Trustee and the Joint Special Administrators to return as much customer property as possible as quickly as possible, in a manner that is consistent with the law. The Trustee urgently pressed for several months for the initiation of these legal proceedings in the UK.

 

The following documents were presented at today’s hearing:

 

  • Witness Statement of Christopher Kiplok for the Trustee for the liquidation of MF Global Inc.
  • Witness Statement of Richard Heis for the Joint Special Administrators of MF Global UK Ltd.
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