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Message: Federal judge orders MF Global to pay $1B to customers
At the end of the day does this court order mean MF Global customers have not been "Cyprussed" after all?
How will customers be reimbursed if MF Global is already bankrupt, having used all available funds (allocated or not) to settle a large bank debt? Will that bank have to return funds it was given to settle the loan? Does this judgement change the law in terms of who gets paid first in a lineup of creditors? That would surprise me a great deal given the international bail-in rules being put into place clearly place the banks ahead of everyone else.
Looking forward to reading Celente's commentary on this development, being one of the many MF Global retail clients left out in the cold after this crisis unfolded.
http://www.bnn.ca/News/2013/11/18/Federal-judge-orders-MF-Global-to-pay-1B-to-customers.aspx
A federal judge in New York has ordered MF Global Inc to return more than $1 billion US to harmed customers and pay an additional $100 million penalty as part of a civil settlement with U.S. derivatives regulators.
The November 8 court order by U.S. 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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