A broad agreement among the various entities administrating the MF Global bankruptcy was announced Saturday morning that resolves existing claims among the competing interests and will expedite additional distributions to former MF Global customers and claimants
Democrat members of the House Financial Services Committee urged further regulatory action against MF Global in a report yesterday, saying the firm “blatantly misled” regulators about its sovereign debt holdings.
It’s possible that for many readers, Futures has spent too much time focusing on what happened with MF Global and PFG and how their deceitful use of customer segregated funds has stained the futures industry.
According to a report by the House Financial Service’s Subcommittee on Oversight and Investigations, the onus for MF Global’s bankruptcy and missing customer funds rests squarely on Jon Corzine, the firm’s former CEO.
MF Global Holdings Ltd.’s U.K. administrators won the first round of a dispute with its New York brokerage arm over the value of internal trades used by the company to bet on distressed European sovereign debt.