Trustee wants to return more to MF Global clients

[March 16, 2012]  NEW YORK (AP) -- The trustee overseeing the liquidation of MF Global is asking for permission to distribute another $685 million to the failed brokerage's customers.

James Giddens filed the request Thursday in the U.S. Bankruptcy Court in New York. He has already given back $3.9 billion to MF Global customers.

In his latest request, the trustee asks the court for permission to distribute up to $600 million to customers who traded commodity futures on U.S. exchanges.

He also seeks permission to give $50 million to customers who traded on foreign markets, the first such payment to those trading on foreign exchanges. Another $35 million would be returned to owners of physical property.

MF Global, headed by former Goldman Sachs CEO Jon Corzine, filed for bankruptcy Oct. 31.

A federal grand jury in Chicago is investigating how $1.6 billion went missing at the firm.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.