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Some of MF Global’s funds could be released after court hearing
THE TRUSTEE overseeing the bankruptcy of MF Global has filed for permission to release 60 per cent of the near $900m (£570m) in client cash that has been frozen at the brokerage for more than two weeks.
In a measure that will provide some relief to traders who have clamoured to get access to their funds, James Giddens sought permission to return about $520m to some 15,000 commodity customers.
Meanwhile, workers at the collapsed firm have been given guidance on their redundancy payments.
It is understood that London workers are in line to get statutory redundancy based on the length of service.
And LCH.Clearnet said yesterday it had nearly completed transferring positions at the UK arm of MF Global to new brokers.