SIPC Applauds MF Global Trustee On Approval For Milestone 100 Percent Return Of U.S. And Overseas Commodities Customer Property

MF Global Commodities Customers Will Now Join Securities Customers in Full Satisfaction of Allowed Customer Claims

WASHINGTON, DC – November 6, 2013 – With the approval Tuesday by the bankruptcy court of the request to allocate about $305 million from the MF Global Inc. (MFGI) estate to pay back commodity customers by the end of the year, all U.S. and overseas commodities customers will receive a 100 percent return of their customer property, according to James W. Giddens, trustee for the Securities Investor Protection Act (SIPA) liquidation of MFGI. The Securities Investor Protection Corporation (SIPC) today applauds the hard work of Trustee Giddens and his attorneys in reaching this major milestone. 

The funds allocated are being advanced from the general estate of MFGI.

SIPC President Stephen Harbeck said: "SIPC commends the Trustee for his significant achievement in this difficult case. The return of 100 percent of U.S. and overseas commodities customer property by the end of the year, coupled with the fact that 100 percent of securities customers' property has already been returned shows how committed Trustee Giddens and his staff are to SIPC’s goal of always achieving the maximum recovery for customers. We also recognize the efforts of U.S. Bankruptcy Court Judge Martin Glenn in reaching this important milestone."

Trustee Giddens said: “I am delighted to be in a position to make a full return of customer property to all commodities customers with allowed claims.  We will now move as quickly as possible, once the Court's order is final, to begin the 100 percent final distribution to all former MF Global Inc. commodities futures customers, including customers who traded on U.S. exchanges and foreign exchanges.”

In commenting on Trustee Giddens’ remarkable achievement, Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan noted: "I don't know of anyone who thought when the case started that the foreign and domestic commodity customers would be looking at 100% recoveries."

Full details on the approval of the allocation motion can be found at mfglobaltrustee.com.