One of the most frustrating aspects of the MF Global debacle for the former customers of the bankrupt futures broker is the process where their advocate—the SIPA appointed trustee—has insisted from the beginning the need for customers to file claims to get their own money
For those holding out hope that the most recent Congressional hearings on the MF Global bankruptcy would clear up some confusion, Wednesday’s hearing before the House Financial Services Oversight and Investigations subcommittee entitled “The Collapse of MF Global: Part 3” was a huge disappointment.
MF Global Inc. Trustee James Giddens has failed to claim $120 million in professional liability insurance due MF Global customers, according to a motion filed on Monday. The MF Global Holdings Ltd. trustee wants those proceeds to pay for the defense of officers with the firm.