SIPC Congratulates MF Global Inc. Trustee on Major Milestone with Pending Distribution of Nearly Half a Billion Dollars

WASHINGTON, DC – March 25, 2015 – With the filing today of a motion with the U.S. Bankruptcy Court for the Southern District of New York that would clear the way for the distribution to MF Global Inc. (MFGI) general creditors of $461 million, the Securities Investor Protection Corporation (SIPC) lauded the work of MFGI liquidation Trustee James W. Giddens.

SIPC President Stephen Harbeck said: “With this new step forward, Trustee Giddens will have achieved distributions to date covering nearly three quarters -- 72 percent -- of allowed unsecured general creditor claims. This is a major milestone in a complicated liquidation proceeding. This return to creditors exceeds the expectations that existed at the outset of the case. It is yet another testament to how the Securities Investor Protection Act works so well when it is called upon in the wake of the failure of a major firm.”

Harbeck added: “The SIPC staff has worked with the Trustee and his staff throughout the case. The creditors have been very well served by the efforts of SIPC, the Trustee, his counsel, and consultants. Thanks to all who made this excellent result possible.”

To date, the MFGI liquidation under SIPA has resulted in distributions for 100 percent of customer claims ($6.7 billion); 100 percent of secured, administration and priority general claimants ($32.3 million); and 39 percent of unsecured general claimants ($518.7 million).