Trustee: MF Global customers to be fully paid back


Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

NEW YORK (AP) — The trustee overseeing the bankruptcy of MF Global says its customers are going to get paid back 100 percent of what they are owed by the boutique brokerage.

MF Global Inc., which was led by former New Jersey Gov. Jon Corzine, collapsed in 2011 after a disastrous bet on European countries' debt. When it fell, customer money was discovered to be missing and was later found to have been used to support the firm's trading operations.

James Giddens, the court-appointed trustee for MF Global's bankruptcy, announced the payment decision Thursday.

With this distribution, $6.7 billion in total will have been returned to more than 26,000 securities customers and commodities futures customers.

Distributions will start on Friday and continue for several weeks.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast