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Joined Nov 11, 2007
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$JPM Settles With MF Global

JPMorgan Chase has reached a $546 million settlement with the trustee liquidating the failed broker-dealer unit of MF Global, a court filing showed, an amount that will help repay the brokerage’s customers.

As part of a settlement reached with James Giddens, the trustee who is tasked with liquidating MF Global Inc, JPMorgan will pay $100 million that will be made available for distribution to former MF Global customers.

JPMorgan will also return more than $29 million of the brokerage’s funds held by the bank, while releasing claims on$417 million that was previously returned to Giddens.

“The settlement agreement resolves claims by the trustee and customer representatives against JPMorgan that would otherwise result in years of costly litigation between the parties with an uncertain outcome,” Giddens said in the filing….”

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