Federal judge orders MF Global to pay $1 bn to customers
Washington: A federal judge in New York has ordered MF Global Inc to return more than $1 billion 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.