US court orders MF Global to pay $1 bn to customers

A federal judge in New York has ordered MF Global Inc to return more than $1 billion to harmed customers.

Written by Reuters | Washington | Published:November 19, 2013 3:29 am

A federal judge in New York has ordered MF Global Inc to return more than $1 billion to harmed customers and pay an additional $100 million penalty as part of a civil settlement with US derivatives regulators.

The November 8 court order by US District Judge Victor Marrero for the Southern District of New York was announced by the Commodity Futures Trading Commission on Monday in a press release.

The approval by the judge marks the end of the CFTC’s litigation initiated in June against MF Global Inc over the brokerage’s October 2011 collapse and loss of more than $1 billion in customer money.

The CFTC’s civil case against defendants MF Global Holdings Ltd,former chief executive officer Jon Corzine and former assistant treasurer Edith O’Brien,however,is still ongoing.

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