MF Global Trustees Announce Agreements
MF Global UK Ltd. (OTC: MFGLQ) and MF Global Holdings Ltd. Reach Agreements to Resolve All Claims Among The Estates
James W. Giddens, Trustee for the Securities Investor Protection Act (SIPA) liquidation of MF Global Inc. (MFGI), and Richard Heis, a Joint Administrator of MF Global UK Ltd. (MFGUK), today jointly announced that they have reached an agreement to resolve all claims between the two entities, including the 30.7 client assets and repo to maturity valuation disputes currently before the High Court of England. Mr. Giddens has filed a motion with the United States Bankruptcy Court for the Southern District of New York, the Honorable Judge Martin Glenn presiding, seeking entry of an order approving the agreement.
Simultaneously, Mr. Giddens and the Chapter 11 Trustee for MF Global Holdings Ltd., et al, (MFGH), Louis J. Freeh, have agreed to resolve all claims between their respective estates. Further, MFGH and MFGUK have agreed to resolve the claims between their respective estates and the litigation commenced by MFGH against MFGUK, subject to the satisfaction of certain conditions.
Combined, the agreements are expected to benefit customers and creditors of the primary MF Global insolvency estates worldwide: