|
 |
|
MF GLOBAL CUSTOMERS TO RECEIVE UP TO 93% OF THEIR LOSSES
Feb. 8, 2013
National Association of Wheat Growers (NAWG) reports:
More than a year after the brokerage MF Global suddenly went bankrupt, losing more than $1.6 billion in customer money in the process, it appears most customers will get nearly all of the their money back.
A bankruptcy judge approved last Thursday a deal that includes a payback of about 93 percent of customer money in U.S. accounts.
The company's collapse in the fall of 2011 resulted in an unprecedented loss of customer funds that rocked the confidence of participants in the futures markets.
Farmers, ranchers and small rural businesses who rely on futures markets to hedge risk were among those who lost funds, prompting changes by CME Group, the company's industry regulator, and investigations by both the Commodity Futures Trading Commission (CFTC) and the House and Senate Agriculture Committees.
|
|
|
|
|
