{"id":5560,"date":"2013-11-26T00:00:00","date_gmt":"2013-11-26T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/11\/mf_global_to_pay_12b_to_custom"},"modified":"2022-05-04T13:50:19","modified_gmt":"2022-05-04T18:50:19","slug":"mf-global-to-pay-12b-to-custom","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/mf-global-to-pay-12b-to-custom\/","title":{"rendered":"MF Global to Pay $1.2B to Customers"},"content":{"rendered":"\n

U.S. District Court Judge Victor Marrero has ordered MF Global to pay customers over $1.2 billion. The defunct brokerage firm left an about $1.6 billion shortfall for approximately 38,000 customers when it filed for bankruptcy protection in 2008. <\/p>\n

Now, with this court order, along with the attempts of a liquidation trustee to get back the missing funds, customers are going to get almost all of their money back. Also, in addition to paying certain creditors and customers, MF Global will pay a $100 million penalty.<\/p>\n

The brokerage tanked financially after it revealed that it had placed bets worth billions of dollars on high risk European debt. As customers started to leave MF Global in bulk and trading partners demanded bigger margin payments, the firm used customer funds for its own purposes (more than a billion dollars was taken out of their accounts) and did not replace them. This is not allowed. Also the estimated shortfall was about $1.6 billion.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. District Court Judge Victor Marrero has ordered MF Global to pay customers over $1.2 billion. The defunct brokerage firm left an about $1.6 billion shortfall for approximately 38,000 customers when it filed for bankruptcy protection in 2008. Now, with this court order, along with the attempts of a liquidation trustee to get back the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,4009],"tags":[],"class_list":["post-5560","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-mf-global"],"yoast_head":"\nMF Global to Pay $1.2B to Customers — Investor Lawyers Blog — November 26, 2013<\/title>\n<meta name=\"description\" content=\"U.S. District Court Judge Victor Marrero has ordered MF Global to pay customers over $1.2 billion. 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